Easy access savings accounts

Flexible savings. Full control

  • Enjoy the freedom to withdraw money and top up at your convenience

  • Earn interest on your money whilst having the flexibility to access it when you need to

  • Ideal for short-term savings goals or as a regular saver

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Easy access savings accounts are one of the most flexible types of savings accounts available to UK savers, giving you the freedom to top-up and withdraw money at your convenience.

All easy access accounts at Raisin UK are deposit protected and free to open online. The following are just some of the benefits offered by easy access accounts:

  • Top-up and withdraw at your convenience
  • Keep your account open for as long as you want
  • Competitive variable rates of interest
  • The FSCS or European DGS protects all savings accounts in our marketplace
The rundown
  • Easy access: An easy access savings account allows you to top-up and withdraw your savings with minimal restrictions
  • Opening deposit: Many banks allow you to open an easy access savings account with as little as £1, although some top-paying accounts may require a deposit of up to £1,000
  • Benefits: An easy access saving account may be beneficial if you want the flexibility to dip into your savings or start an emergency fund

November easy access savings accounts update: what’s new?

Interest rates on easy access savings accounts are still high, which is good news if you want to save while retaining the ability to access your cash when you need it. However, they might not be for much longer.

High street banks continue to offer easy access savings accounts at typically lower interest rates than other providers, so ensure you do your homework by viewing and comparing easy access accounts from alternative banks and building societies. Our top easy access rate, from Castle Community Bank, is currently 4.71% AER.

Register for a free Raisin UK account today to get started and watch your savings grow.

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What are easy access savings accounts?

Easy access savings accounts allow you to deposit your money and earn interest with minimal restrictions, so you can top-up or withdraw your money at your convenience. Typically, easy access accounts offer variable interest rates, which means that the interest rate may increase or decrease while your account is open.

You may also find there are some restrictions on easy access savings accounts, as well as notice periods, penalties and changes to interest rates.

The types of restrictions on easy access savings accounts will differ from bank to bank. However, typical restrictions include limitations on withdrawals that stipulate how often you can take out funds, e.g. twice per calendar year, or that funds can only be transferred to a nominated savings account. For example, if you have an easy access savings account with one bank, you could choose your current account as the ‘nominated account’ to make any withdrawals and transfers easier. 

How much money do I need to open an easy access savings account?

You don’t usually need a large deposit to open an easy access savings account. While some of the top-rate, higher-interest easy access accounts may require deposits of up to £1,000, there are many available that offer initial deposits from just £1. This makes them an accessible product for new savers who may not have a large upfront deposit to put away.

There’s also no limit on the number of easy access savings accounts you can open. However, you’ll need to check that the total amount of interest you accrue across all of your accounts doesn’t exceed your personal savings allowance (if it does, you’ll need to declare it).

Is there a penalty for withdrawing money from an easy access savings account?

In some types of easy access accounts, there may be a penalty for withdrawing more money than the terms of the account stipulate. This penalty might come in the form of forfeiting interest on your savings or even a charge. That being said, there are plenty of easy access savings accounts that don’t restrict the number of withdrawals you can make, although bear in mind that the interest rate may be lower on these types of accounts.

As always, check the small print before you open a savings account, so you’re sure it’s right for your needs.

Are easy access savings accounts and instant access savings accounts the same thing?

While they’re similar in that they both allow you to top-up and withdraw money, easy access and instant access accounts differ on a few key details.

Instant access savings accounts allow you to make unlimited withdrawals without incurring a charge or penalty. These types of accounts also enable you to withdraw money instantly as cash, and there’s no restriction on how much you can take out.

Although easy access savings accounts allow you to take out money at your convenience, there may be a limit on how often you can do this. Depending on the type of account you have, you might also have to wait a short while before you can access your funds. Another key difference is that some easy access savings accounts require you to transfer your savings to a current account before you can withdraw your cash.

What are the benefits of easy access savings accounts?

The main benefit of easy access savings accounts is that they offer flexibility. This type of account might be right for you if you want to access your savings at your convenience, say in case of an emergency or if you’re not saving for anything specific. You can learn more about starting an emergency fund here.

Easy access accounts may also be a good idea for first-time savers and those who want to get into the habit of saving without making a big commitment, because you don’t need a lump sum to kickstart your savings.

For example, some easy access accounts require as little as £1 to open. Although you typically don’t need to invest a lot to open an easy access account, it’s important to try and save as much as you can, as you’ll earn more interest that way.

It’s usually beneficial to compare easy access savings accounts to find one that suits you and your savings goals. You can quickly compare a range of easy access savings accounts by visiting the table at the top of this page.

What are the downsides to easy access savings accounts?

The biggest disadvantage of easy access savings accounts is that they typically offer lower interest rates than other savings accounts types, such as fixed rate bonds or notice accounts, due in part to the added flexibility they provide.

Other than that, there are sometimes stipulations in the fine print as to how many withdrawals you can make or how often. It’s important to check these details before you open an account.

Our guide to choosing an easy access savings account can help you weigh up the pros and cons and decide whether this type of account is right for you.

Compare easy savings accounts at Raisin UK

If you want to quickly and easily open savings accounts with deposit protection, register for a Raisin UK Account and log in to apply. Opening a Raisin UK account and applying for savings accounts from our partner banks is free, and once you’ve been approved, all you need to do is make a deposit and watch your savings grow.


Choosing an easy access savings account

In this article, you’ll learn whether easy access savings accounts might be a suitable option for you, what factors to consider when choosing an account, and how to find the best easy access account for your needs.

Read more
Understanding interest and taxation on easy access savings accounts

In this article, you’ll learn how interest is earned on easy access accounts and why the rate may change. We also explain how to find the best easy access interest rates and help you understand the rules on tax and interest.

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