Daniel Hilton
Savers will want to get the best interest rates on savings available following the base rate cut. Currently, the top easy-access rate is 4.76% AER from Chip.
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 4.65% AER.
According to Moneyfacts, the rate of UK inflation is now higher than the average easy-access savings rate. This means that savers are now losing money in real terms.
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However, 185 easy-access accounts now offer inflation-busting savings, so make sure you take advantage of them quickly before they're gone.
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
Sidekick Money Sidekick High Yield Cash Reserve – 4.76% AER
This saver will let you 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 FSCS will only cover £85,000.
The interest rate is 4.76% for balances of £1,000 to £34,999 and includes a 0.72% 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.
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.
Chase Saver With Boosted Rate – 4.75% AER
You can earn a 4.75% boosted rate within your first 31 days of opening a Chase saver. It includes an extra 1.75% AER that is fixed for six months on top of the standard variable rate. But you may have to act quickly as this offer can be withdrawn at any time.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.
We look at if the Chase bonus deal is worth getting and who's eligible.
Monument Bank Limited Access Saver – 4.75% AER
You can make up to three withdrawals per year with this limited saver account. From your fourth withdrawal, your interest rate will fall by 0.5% for the rest of the year. The account can be opened and managed using the Monument Bank app.
You need at least £25,000 to open this account, and the maximum deposit amount is £2 million. Bear in mind that only up to £85,000 is protected with the FSCS.
Vida Savings Defined Access – 4.63% AER
This savings account will let you earn 4.63% interest on deposits from £10 to £85,000. Interest is paid annually and can be either paid out or compounded.
You can withdraw money from this account up to four times a year before incurring a lower interest rate. Open online.
Chip Instant Access Account – 4.60% AER
New customers can earn 4.60% with Chip’s Instant Access account. You will need to enter the promo code CHIPWELCOME online, after which a boosted rate of 1.10% will be applied on top of the standard 3.5% variable rate for the first three months.
Customers need to deposit at least £1 in the account within 14 days of entering the promo code. You can save up to £1 million, but only £85,000 is eligible for FSCS protection. Interest is paid monthly.
Charter Savings Bank Easy Access - 4.59% AER
Open this account with £5,000 and save up to £1 million, but keep in mind that only £85,000 of your deposit will be protected by the FSCS.
Interest is paid annually on maturity and you can open the saver online.
Oxbury Bank Easy Access Account Limited Edition – 4.58% AER
With Oxbury’s limited edition easy access account, you can save anywhere between £20,000 and £500,000. However, only £85,000 of your funds are eligible for FSCS protection. You can make same-day withdrawals provided that you do it before 1pm on a working day.
Your initial deposit needs to be made within 90 days of opening the account. You can open this saver online and interest is paid at maturity.
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?
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.
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.
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