Best easy-access savings accounts – earn up to 4.55%
Easy-access savings accounts are offering inflation-busting rates of up to 4.55% on your cash savings, but they won't last for long. We look at the best interest rates on the market now
If you need flexibility with your cash, easy-access savings accounts are a good place to start.
These accounts typically offer top savings rates while allowing you to make penalty-free withdrawals, making it a good option for those who want an emergency fund to cover any unexpected costs.
Article continues belowTry 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
All the banks featured here are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £120,000 of your savings are protected should a bank or financial firm go bust.
Best easy-access savings accounts
Chase Saver With Boosted Rate – 4.5% AER
You can earn a 4.5% boosted rate within your first 31 days of opening a Chase saver. It includes an extra 2.25% AER boost for 12 months on top of the standard variable rate. There is no minimum deposit requirement, and you can go up to £3 million. This offer is only available to new customers. Interest is paid monthly, and the account can be opened online.
Coventry BS 3 Access Saver 1 Year – 4.25% AER
The 4.25% rate from Coventry Building Society is paid on all balances between £1 and £1 million, of which only £120,000 is eligible for FSCS protection. You have the freedom to withdraw money from the account three times before you incur a 50-day removal of interest penalty. You can open this account online, in a branch, via post or over the phone.
Mansfield BS Triple Access Bonus Saver – 4.25% AER
This account from Mansfield BS pays 4.25% if you save between £1 and £400,000, of which only £120,000 is eligible for FSCS protection. The interest rate includes a 1% bonus that is fixed for the first 12 months, after which it reverts to 3.25%. You can access your funds thrice each calendar year, and open the account in person or via post. Interest is payable annually.
Sidekick Multi Shield – 4.23% AER
This saver can be opened online with a minimum balance of £10,000. The interest rate is 4.23% (variable) and includes a 1% bonus for six months on your first £120,000. It's worth noting that Sidekick partners with UK-regulated banks to provide its savings products. The rate is also a blended rate, which means that your first £120,000 is deposited at a higher rate partner bank, the second £120,000 at the next highest rate bank, and so forth. Since the above deal lets you allocate your funds across multiple banks, it is eligible for FSCS protection of up to £360,000. It is operated by Bondsmith.
Chip Instant Access Account – 4.2% AER
New customers can earn 4.2% with Chip’s Instant Access account. It will revert to 3.4% AER (variable) after 12 months. This account lets you deposit and withdraw your cash instantly. Customers need to deposit a minimum of £1 into the account. You can save up to £1 million, but only £120,000 is eligible for FSCS protection. Interest is paid monthly, and you can open the account through the mobile app.
DF Capital Easy Access Account – 4.2% AER
You can save between £1,000 and £250,000 in DF Capital's easy-access saver. It pays a variable rate of 4.2%, and you must fund the account within 14 days of your application. Unlimited withdrawals are permitted – you need to make a request before 4:30pm for same-day withdrawals, or wait until the next working day. Interest is applied daily and paid monthly.
Vida Savings Double Access Saver Issue – 4.16% AER
This savings account will let you earn 4.16% interest on deposits from £500 to £500,000 – but only £120,000 will be eligible for FSCS protection. Interest is paid annually and can be either paid out or compounded. You can withdraw money from this account two times a year without incurring a lower interest rate. The account can be opened and managed online.
Manchester BS Manchester Rainy Day Saver – 4.15% AER
Manchester Building Society’s Rainy Day Saver can be opened with just £1, and you can save up to £1 million. But only £120,000 of your savings are eligible for FSCS protection. You’re allowed one penalty-free withdrawal each year, after which your rate will drop to 1.7%. You can open the account online or in person. Interest is paid annually.
Newcastle BS 6 Month Variable Saver – 4.15% AER
You can open this account with just £1 and save up to £1 million – only £120,000 will be eligible for FSCS protection. You’ll earn a variable interest rate of 4.15%, and you can make penalty-free withdrawals and transfers without notice. Applications can only be made in a branch, and interest is paid monthly.
Virgin Money Double Take E-Saver – 4.15% AER
Virgin Money is offering 4.15% (variable) on its easy-access saver, and you can open the account with just £1. Only sole accounts are allowed, and you can save up to £250,000; however, only £120,000 of your amount will be eligible for FSCS protection. As the name suggests, only two withdrawals can be made per calendar year. The account can be opened and managed online, and interest is paid monthly or annually.
Shawbrook Bank Bonus Easy Access Savings Account – 4.13% AER
This savings account with Shawbrook includes a 2.13% fixed bonus for the first twelve months. You can fund the account with just £1 and save a maximum of £500,000. Only £120,000 of your money will be protected by the FSCS. Any funds need to be deposited within 28 days of opening the saver. Interest is paid monthly, and you can open the account online.
Vanquis Bank Triple Access Saver Account – 4.08% 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 £120,000 is protected under the FSCS. Up to three penalty-free withdrawals are allowed, after which your rate will drop to 2.25%. The account can be opened online. Interest is paid at maturity.
How do easy-access savings accounts work?
Easy-access savings accounts let you flexibly save your cash, by making as many withdrawals as you like without incurring a penalty.
You will earn a variable interest rate, which means that the provider can increase or decrease the rate on your savings account as they choose, which is usually the case when the Bank of England cuts the base rate.
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 savings 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". 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.
