Best easy-access savings accounts, April 2024 – earn up to 5.2%
Easy access savings now offer inflation-busting rates, but they won't last for long. We look at the best easy-access savings accounts on the market now
Disclaimer
All the banks we mention are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust. This article may contain affiliate links – when you purchase through links on our site, we may earn a commission*
Although the top easy access rate is slightly below the 5.25% base rate, easy access savings now beat inflation, as inflation slowed to 3.2% in March.
- The best easy access savings account is 5.2% AER with Cahoot Bank
Savers will find one-year fixed savings accounts are also offering top rates - up to 5.17% 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 significantly in the last few weeks.
Best easy-access savings accounts
Cahoot Sunny Day Saver - 5.2% AER
This easy-access saver can be opened with just £1. Even though the account has a maximum deposit of £2million, you can only earn 5.2% AER on balances up to £3,000. No interest is earned on any sum above £3,000.
You can choose to have the interest paid annually or monthly. The account can be opened and managed online.
Santander Edge Saver - 7% AER
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This is the best easy-access rate on the market right now, but it is restricted to Santander Edge current account holders.
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.
Plus, you have the freedom to withdraw money when you like by transferring funds to another account via online or mobile banking.
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, has increased the rate on its easy-access account from 2.25% to a top rate of 5.2% AER.
You need a minimum deposit of £5,000 to get the rate - anything less and the rate drops to 2.25%.
The Ulster Bank easy-access saving account - known as the Loyalty Saver account - must be opened and managed online. It is open to both new and existing customers.
Interest is paid annually.
Virgin Money Defined Access E-Saver - 5.01% AER
Virgin Money is offering 5.01% on its easy-access saver and you can open the account with just £1.
It restricts savers to three withdrawals a year. If you make any more withdrawals, the interest rate you earn will reduce to 2% AER variable.
Save up to £250,000. The account can be opened and managed online, and interest is paid annually.
Cynergy Bank Easy Access Account - 5.01% 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.
The rate includes a 1.26% AER bonus for the first 12 months, after which it reverts to 3.75% AER variable. You can open this account through online banking, and interest is paid annually.
Monument Bank Easy Access Savings - 5.1% 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 is opened and managed using the Monument Bank app.
Close Brothers Savings Easy Access Account - 5% AER
If you’ve got £10,000 to save, you can open this easy-access saver and save up to £2million in your account. But, only £85,000 of your amount will be protected by the FSCS.
If your balance falls below the minimum deposit, the rate you earn drops to 1%. The saver can be opened online and interest is paid into your account annually.
Principality BS Online Bonus Double Access - 5% AER
You can open this double access saver with just £1 and go up to £1million. But keep in mind that only £85,000 of your deposit will be protected by the FSCS.
The rate includes a bonus of 0.15% for 12 months and you need to deposit any amounts within five calendar days of opening the account.
Interest is paid every year on 1 January and you can open the saver online.
Hampshire Trust Bank Online Easy Access Account - 4.9% AER
This easy-access account pays 4.9% 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.
Harpenden BS Online Instant Access - 4.81% AER
This online access saver lets you deposit anywhere between £100 to £250,000 in your account. You must do this within 14 calendar days of opening the account and by bank transfer only.
Interest is paid annually on 31 December. You can open this account online
Post Office Money Online Saver - 4.75% AER
Post Office Money is offering 4.75% AER on its online saver. It includes a fixed bonus of 3.51% for 12 months.
You can start saving from just £1 and go up to £2million, but only £85,000 of your deposit will be protected under the FSCS.
Interest will be paid annually between the 20 and 25 March
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.
With the Bank of England raising interest rates to 5.25% before deciding to pause more hikes, 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.
At the same time, you may find a market-leading account you opened a few months ago is not offering such a good rate anymore - so it's worth shopping around on a regular basis 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.
Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.
She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.
Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites
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