Best easy-access savings accounts, June 2024 – earn up to 5.2%

Easy-access savings accounts now offer inflation-busting rates, but they won't last for long. We look at the best rates in the market now

Easy-access savings accounts shown by gold coins falling from sky into a piggy bank
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Disclaimer

All the banks we mention are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust. This article may contain affiliate links – when you purchase through links on our site, we may earn a commission* 

Although the top easy-access rate is slightly below the 5.25% base rate, more than 250 easy-access savings accounts now offer inflation-busting rates.

Savers will find one-year fixed savings accounts are also offering top rates – up to 5.2% AER. But easy-access savings accounts don’t involve locking your money up. However, you may need to act fast to grab an easy-access saver as we've seen rates drop in the last few weeks. 

Best easy-access savings accounts

Cahoot Sunny Day Saver - 5.2% AER
Best easy-access

 Cahoot Sunny Day Saver - 5.2% 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 5.2% 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. 

Santander Edge Saver - 7% AER

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The 7% rate (variable) includes a 2.5% 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 or mobile 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. 

Ulster Bank Loyalty Saver - 5.2% AER 

Ulster Bank, part of the NatWest group is returning a top rate of 5.2% AER. The saver requires a minimum deposit of £5,000 – anything less and the rate drops to 2.25%.

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. 

Chase Saver Account - 5.1% AER

Chase has boosted its saver rate with a 1% bonus rate, to 5.1% AER. The provider says the fixed bonus rate will be around until 16 January 2025. 

This savings account is a base rate tracker and Chase always offers 1.15% below the base rate (currently 5.25%). The standard rate of 4.1% on the saver is variable, so this could change at any time. You can save up to £1million. 

To open the saver, you must hold a Chase current account. Open and manage this account on the Chase app. If you’re thinking about opening a Chase current account, it’s worth knowing how its current account interest will change from August.  

Oxbury Bank Easy Access Account Limited Edition 1 - 5.02% AER

Earn 5.02% with this limited edition easy-access savings account from Oxbury Bank. Save anywhere between £20,000 to £500,000. However, only £85,000 of your deposit will be eligible under the FSCS protection.

You can take out funds on the same working day with a cut-off time of 1pm. Interest is paid monthly and you can open and manage the account online.

Monument Bank Easy Access Savings - 5.01% 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. 

Charter Savings Bank Easy Access - 4.93% AER

Open this account with £5,000 and save up to £1million, but keep in mind that only £85,000 of your deposit will be protected by the FSCS. 

If your balance falls below £5,000, the rate you earn drops to 0.10%. Interest is paid annually on maturity and you can open the saver online.

Paragon Bank Double Access Savings Account – 4.91% AER 

Paragon Bank is offering 4.91% 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.

Cynergy Bank Easy Access Account - 4.85% AER

This saver can be opened with just £1 and you can save up to £1million. Note that only £85,000 of your money will be protected by the FSCS.

After 12 months, the 4.93% rate reverts to 3.75% AER variable. You can open this account through online banking, and interest is paid annually.  

Kent Reliance Easy Access Account - 4.85% AER

This account requires a minimum deposit of £1,000 and you can save up to £1million. After opening the saver, you must keep a minimum balance of £1 at all times to keep the account in use. 

You can open the account online or in branch, and you can opt for interest to be paid monthly or annually. 

How do easy-access accounts work?

Easy-access accounts do what they say on the tin – they give you hassle-free access to your cash when you need it. They’re also known as instant-access accounts or no-notice accounts.

You earn interest on the money you pay in, and you can usually withdraw it whenever you want, which makes the accounts ideal for rainy-day savings funds.

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 held interest rates at 5.25% for the sixth consecutive time, so many are wondering when will UK interest rates fall

With inflation slowing to 2.3% in April, all eyes are on the summer to see whether the central bank goes for a cut.

Despite the stagnant base rate, there's been a recent flurry of activity in the savings market. This means some of the best rates may not hang around for long, so you may 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.

Vaishali Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

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