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

Although the top easy access rate is slightly below the 5.25% base rate, more than 284 easy access savings accounts now offer inflation-busting rates.

• The best easy access savings account is 5.2% AER with Cahoot.  

Savers will find one-year fixed savings accounts are also offering top rates – up to 5.16% 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

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. 

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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 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.

Monument Bank Easy Access Savings - 5.03% 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. 

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. You can 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.

Principality BS Online Bonus Triple Access - 5% AER

Start saving in this account with just £1 and save up to £1 million. 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 1.4% for the first 12 months. After a year, you will be notified of the rate without the bonus.

Interest is paid every year on 1 January and you can open the saver online.

Cynergy Bank Easy Access Account - 4.94% 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 4.94% rate reverts to 3.75% AER variable. You can open this account through online banking, and interest is paid annually.  

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.

Aldermore Double Access Account - 4.9% AER

With this Aldermore Double Access Account Issue 1, you can earn 4.9% by depositing anywhere between £1,000 and £1million. However, it’s worth noting that only £85,000 of your amount will be eligible for FSCS protection, not the entire sum.

You can make two withdrawals to your nominated account in any anniversary year. If you make more than two withdrawals, your rate will drop to 1.5%.

The account can be opened online, and interest is paid at maturity.

Secure Trust Bank Access Account - 4.9% AER

This is a good option if you're looking for monthly interest, as the 4.9% 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.

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 seventh consecutive time, so many are wondering when will UK interest rates fall. 

With inflation remaining steady at 2% in June, 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.