Best easy access savings accounts, December 2024 – earn up to 4.85%

It's all go in the savings market following the base rate cut in November. Currently, the 4.85% top easy-access rate from Atom Bank is slightly above the 4.75% base rate.

Savers who want to lock in rates before they drop can still find decent returns with some one-year fixed savings accounts currently offering up to 4.8% AER.

All the banks featured here are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank or financial firm go bust.

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Best easy access savings accounts

Best easy access

Atom Bank Instant Saver Reward – 4.85% AER

There is no minimum opening deposit and you can go up to £100,000, but keep in mind that only £85,000 of your deposit will be protected by the FSCS.

If you make a withdrawal, the rate you earn drops to 3.25%. Interest is paid at maturity and you can open the saver on the Atom app.

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Santander Edge Saver – 6% AER

The 6% rate (variable) includes a 1.5% bonus for the first 12 months of opening the account. You can start saving with just £1, but interest is only paid on balances up to £4,000. You have the freedom to withdraw money when you like by transferring funds to another account via online banking.

This is the best easy access rate on the market right now, but it is restricted to Santander Edge current account holders. After a year, your Edge Saver will be changed to an Everyday Saver. You will be notified around 60 days before the change is made.

Monument Bank Easy Access Savings – 4.81% AER

You need at least £25,000 to open this account, and the maximum deposit amount is £400,000. Bear in mind that only up to £85,000 is protected with the FSCS.

Interest is paid monthly, and there are no restrictions on withdrawals. The account can be opened and managed using the Monument Bank app.

Chase Saver With Boosted Rate – 4.75% AER

You can earn a 4.75% boosted rate within your first 31 days of opening a Chase saver. It includes an extra 1.25% AER that if fixed for six months, on top of the standard variable rate of 3.5% AER. But you may have to act quickly as this offer can be withdrawn at any time.

There is no minimum deposit requirement, and you can go up to £3 million. This offer is only available to new customers joining from 9 December. Interest is paid monthly and the account can be opened online.

Cahoot Sunny Day Saver – 4.75% AER

This is an easy-access saver by a small division of Santander, called Cahoot. The saver can be opened with just £1. You can choose to have the interest paid annually or monthly.

Even though the account has a maximum deposit of £2 million, you can only earn 4.75% AER on balances up to £3,000. No interest is earned on any sum above £3,000. The account can be opened and managed online.

Paragon Bank Double Access Savings Account – 4.75% AER

Paragon Bank is offering 4.75% AER on its double access saver. You can start saving from £1,000 and go up to £500,000. But note that only £85,000 of your savings are protected under the FSCS.

Only two withdrawals are permitted per year. From your third withdrawal, the rate will drop to 1.5% AER. Interest can be paid monthly or annually and you can open the account online.

Ulster Bank Loyalty Saver – 4.75% AER

Ulster Bank, part of the NatWest group is returning 4.75% AER. The saver requires a minimum deposit of £5,000 – anything less and the rate drops to 2%.

To qualify for this saver, you must hold an Ulster Bank current account. The Ulster Bank easy access savings account – known as the Loyalty Saver account can be opened and managed online. It is open to both new and existing customers. Interest is paid annually.

Chetwood Bank Easy Access – 4.71% AER

With this Chetwood account, you can earn 4.71% and there is no minimum or maximum deposit. But only up to £85,000 of your savings will be eligible for protection under the FSCS.

There is a 14-day cooling-off period, and you can take out money from your account at any time. Interest is paid at maturity and you can open the saver online.

Close Brothers Savings Easy Access Account - 4.7% AER

You can open this Close Brothers Savings account with £10,000 and save a maximum of £2million. The FSCS protects only up to £85,000 of your deposits.

The easy access saver can be opened online and interest is paid monthly.

Principality BS Online Bonus Triple Access – 4.7% AER

You can start saving in this account with just £1 and go up to £1 million to earn this variable rate. But the saver restricts you to three withdrawals per year – so this might not be for you if you're looking for more flexibility.

The rate includes a bonus of 1.5% for the first 12 months. After a year, you will be notified of the rate without the bonus. Interest is paid annually and you can open the saver online.

Secure Trust Bank Access Account - 4.65% AER

This is a good option if you're looking for monthly interest, as the 4.65% interest is paid monthly into a nominated account.

You can open this account with just £1. Each subsequent deposit must be at least £1. You can save a total balance of £250,000.

There are no restrictions on accessing your money - you can withdraw your cash without notice. The account must be opened online but can be managed either by phone or using internet banking.

Vanquis Bank Easy Access Account – 4.65% AER

You can start investing from £1,000 and go up to £250,000 to earn this variable rate with Vanquis Bank. Only up to a total of £85,000 is protected under the FSCS, and you can make deposits and withdrawals whenever you like penalty-free.

The account can be opened online. Interest is paid at maturity.

How do easy access accounts work?

Note that some banks and building societies offer introductory rates to entice you to open an account, so it is a good idea to keep an eye on rates and switch to another account when the rate drops.

The Bank of England cut interest rates to 4.75%, but many wonder if UK interest rates will continue to fall. Meanwhile, inflation rose to 2.3%.

However, with the base rate falling, savers might witness a flurry of activity in the savings market, which may not work in their favour. This means some of the best rates may not hang around for long, so you will need to be quick if you spot a good rate.

And if a market-leading account that you opened a few months ago is not offering a good rate anymore - it's worth shopping around regularly to ensure your savings are working as hard as possible.

When can I withdraw money with easy access accounts?

Traditionally, easy access accounts should give you unlimited and flexible access to your savings.

However, there is now a trend for savings accounts to restrict the number of withdrawals - while still calling the account "easy access". Although some do make it clear in the name, like Paragon Double Access and Coventry BS Triple Access Saver.

If you breach the limits, the penalty is normally a loss of interest, or falling onto a lower interest rate.

It means you'll need to look carefully at any restrictions on withdrawals (which could limit the frequency or the amount you take out) before opening an easy access account.