Daniel Hilton
Savers will want to get the best interest rates on savings available following the interest rate cut in May. Currently, the top easy-access rate is 4.77% AER from Atom Bank.
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 4.52% AER.
According to Moneyfacts, many of the best easy-access accounts pay well above 4.00% AER, offered by lesser-known challenger banks. So make sure you take advantage of them quickly before they're gone.
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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
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.
West Brom Building Society Four Access Saver – 4.65% AER
With this saver, you can earn 4.65% on balances from £1 to £1 million. When depositing higher amounts bear in mind that the FSCS only protects £85,000.
You can make up to three penalty-free withdrawals in a year. If you go above your withdrawal limit, you will be subject to a lower savings rate. The account can be opened online and interest is paid annually.
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 without incurring a lower interest rate. The account can be opened and managed online.
Chase Saver With Boosted Rate – 4.5% AER
You can earn a 4.5% 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 But you may have to act quickly, as this offer can be withdrawn at any time.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.
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.
Harpenden BS Online Instant Access - 4.5% AER
This online access saver lets you deposit anywhere between £100 to £250,000. You must do this within 14 calendar days of opening the account and by bank transfer.
Interest is paid annually on 31 December. You can open this account online.
Principality Building Society Online Bonus Triple Access – 4.5% AER
Starting with an investment of just £1, this easy-access saver allows you to save up to a maximum of £1 million at 4.5% interest. This rate includes a 1.5% bonus for the first 12 months.
You can withdraw money from this account three times a year without affecting the interest rate. The account can be opened online.
Charter Savings Bank Easy Access - 4.46% 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.
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 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 the branch, and you can opt for interest to be paid monthly or annually.
Cahoot Simple Saver - 4.41% 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 4.41% rate on balances up to £500,000.
You can open this account online. Interest is paid at maturity.
Hampshire Trust Bank Online Easy Access Account - 4.4% AER
This easy-access account pays 4.4% interest, and you have the freedom to withdraw money without incurring penalties. You can open this account with just £1 and save up to £250,000. But only up to £85,000 is protected by the FSCS.
Interest is paid yearly. The account can be opened online and managed over the phone, via post or 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?
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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