Best easy access savings accounts, January 2025 – earn up to 5%

It's all go in the savings market following the base rate cut in November. Currently, the 5% top easy-access rate from Chase 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 4.77% 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

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 1.5% 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 But you may have to act quickly as this offer can be withdrawn at any time.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. Interest is paid monthly and the account can be opened online.

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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 but 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.

GB Bank NuWealth Easy Access Account – 4.86% AER

This new top-rate easy access saver is only available via the NuWealth app. It includes a bonus rate of 0.46% for the first 12 months.

Keep in mind that though you can deposit anywhere between £500 and £85,000, you will only get the boosted rate on balances of up to £25,000.

Interest is paid daily.

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.

Chip Easy Access Saver – 4.85% AER

With this Chip easy access saver, you can earn 4.85% on your cash at a boosted rate, including a 1.03% bonus for 12 months. The rate is a variable tracker available to all new and existing Chip customers.

There is no minimum balance and you can save up to £1million, with up to three penalty-free withdrawals in a year. If you go above your withdrawal limit, your rate will drop to 3.75% after the rate boost. At the end of 12 months, this would drop to 2.72% when the boost expires.

The account can be opened online and interest is paid monthly.

Gatehouse Bank Easy Access Account – 4.75% AER

This saver can be opened with just £1 and you can save up to £250,000. Keep in mind that only £85,000 of your money will be protected by the FSCS.

But note, that this is a Sharia-compliant bank, so you earn an expected profit rate. You can open the saver online, and the expected profit is paid monthly or annually at maturity.

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.

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 – 4.66% AER

With this Chetwood account, you can earn 4.66% 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.

Coventry BS 5 Access Saver – 4.66% AER

You can open this limited-access account with just £1 and save a maximum of £250,000. But only £85,000 of your deposits are protected by the FSCS.

Three withdrawals are permitted per year. After your fifth withdrawal, you will receive a charge equal to 50 days’ interest based on the amount you’re withdrawing.

The saver can be opened online. Interest is paid monthly or annually.

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.

West Brom BS Four Access Saver – 4.65% AER

With this West Brom easy access saver, you can start saving from just £1 and go up to £1million. However, only £85,000 of your amount will be eligible for FSCS protection.

You can make four withdrawals each year free of charge and without any notice. If you make any additional withdrawals, your interest rate will drop to 2.4% AER for the rest of the year, after which it will be reverted to the higher variable interest rate.

Interest is paid at maturity and you can open and manage the account online.

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 twice in 2024, but many wonder if UK interest rates will continue to fall. 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.