Best easy-access savings accounts – earn up to 5%

Easy-access savings accounts are a good option for savers who want minimal restrictions on their cash, allowing them to dip in and out of their savings as they like.

Currently, the top easy-access rate is 5% AER from Chase Bank. If you want to lock in rates before they drop, you can opt for a one-year fixed savings account.

Savers will want to get the best savings rates available after the Bank of England held interest rates in June. But you will need to take advantage quickly before the top deals are gone.

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To help you find the best rates, we've rounded up the best easy-access savings accounts available on the market.

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.

Best easy-access savings accounts

Best easy-access

Chase Saver With Boosted Rate – 5% AER

You can earn a 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.

Read about whether the Chase easy access saver is a best buy and if you're eligible for the top rate.

View Deal

Atom Bank Instant Saver Reward – 4.75% AER

With Atom Bank, 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%. Interest is paid at maturity, and you can open the saver on the Atom app.

Snoop Easy Access Savings Account – 4.6% AER

With this variable savings account, you can start saving from just £1 and go up to £85,000. You can get your money on the same working day if you make a request before 11am. There are no restrictions on withdrawal.

It's worth noting that Snoop is not a bank, and your money will instead be held with Vanquis Bank Limited. However, your savings will be FSCS protected.

Interest is calculated and paid daily, and you can open the account online.

Chip Instant Access Account – 4.56% AER

New customers can earn a boosted rate of 4.56% with Chip’s Instant Access account for 12 months. Customers need to deposit at least £1 into the account. You can save up to £1 million, but only £85,000 is eligible for FSCS protection. Interest is paid monthly.

Cahoot Simple Saver – 4.55% AER

Open this easy access saver with just £1 and save a maximum deposit of £2 million. But note, you can only earn the variable ate on balances up to £500,000.

You can open this account online. Interest is paid at maturity.

Sidekick Money Sidekick High Yield Cash Reserve – 4.51% AER

This saver allows you to make unlimited withdrawals without affecting your interest rate and can be opened online with a minimum opening balance of £1,000. The maximum amount you can invest in the account is £500,000.

The interest rate is 4.51% for balances of £1,000 to £34,999 and includes a 0.56% bonus for the first 12 months. The rate for balances of £35,000 upwards is reduced to 4.04% and does not include a bonus.

It's worth noting that Sidekick partners with UK-regulated banks to provide its savings products. The above deal is by OakNorth Bank, which means that your deposits will be protected under the FSCS scheme for up to £85,000 under OakNorth.

Coventry Building Society 4 Access Saver – 4.5% AER

The 4.5% rate from Coventry Building Society is paid on all balances between £1 and £250,000. You have the freedom to withdraw money from the account four times before you incur a 50-day removal of interest penalty.

You can open this account online, in branch, via post or over the phone.

Skipton BS Branch Bonus Saver – 4.5% AER

This easy-access account pays a variable interest rate of 4.5%, and comes with an introductory bonus of 1.70%, fixed for 12 months. You can open this account with a £1,000 deposit, and you can save up to £50,000.

The account can be opened and managed online, in branch, by post or over the phone. Interest is paid at maturity.

Kent Reliance Easy Access Account – 4.46% AER

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

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

Close Brothers Savings Easy Access Account – 4.5% AER

You can earn a variable rate of 4.5% with this account, provided that you deposit a minimum of £10,000 and don't exceed the maximum balance of £2 million.

The account can be opened online, and interest is compounded and paid into your account annually.

Secure Trust Bank Access Account – 4.45% AER

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. 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 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 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.