Compare Latest Instant Access Savings Accounts Deals
Instant Access Savings Accounts
Why we like it: MARKET LEADING. 1.25% AER Gross (variable). Open with £1. A simple instant access savings account. Manage your account online, by telephone banking or via our mobile app. You'll need to be 18 or over and a UK resident
Why we like it: No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.
Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.
Why we like it: EASY ACCESS TOP SELLER: Earn 0.75% gross/AER on balances from £1,000 to £1 million. Guaranteed to be at least 0.50% above Base Rate until 31 December 2017. Unlimited withdrawals without restriction or loss of interest.
Why we like it: INNOVATIVE NEW BANKING SERVICE powered by Clydesdale and Yorkshire Banks. Get your current account and instant access savings account working together. Earn 0.50% AER on ALL instant access credit balances and 0.25% AER on current account balances up to £2,000. Fee free
Why we like it: Instant ISA Saver is designed for those that want the convenience of a tax-free cash ISA with instant access.
Why we like it: Open with £1,000. Monthly and Annual Interest options. Access - Online, Telephone or Post. No notice period or fees on withdrawals.
Finding the best instant access savings accounts
If you are looking to access your savings on a regular basis, a good instant access savings account should be able to offer you flexible withdrawal facilities with a good rate of interest. Having immediate access to your money is important to you.
Instant access savings accounts provide a good home for short term goals, such as a holidays or school fees although you may also want to consider easy access or notice accounts and fixed rate bonds for timescales greater than 6 months. It is also worth considering the latest current account provider deals as an alternative option for your savings.
With the Bank of England Base rate at an all-time low, making sure you are maximising the interest on your savings is as important as it has ever been particularly taking into account inflation. With inflation running at 0.6% (July 2016) and the average easy access savings account paying under 0.4% it really is important to shop around for the best deal possible.
What to look for in an Instant Access Savings Account
The first thing to establish when choosing an instant access savings account is whether the interest rate is fixed for a set period of time or variable. A number of instant access accounts will pay a bonus rate in the first 12 months after which the account rate will reduce. Providers rely on the fact that people are busy and will not switch out to a new account after the bonus period ends. These accounts are attractive but you need to be proactive and diarise to review your account on the bonus end date.
Most instant access accounts operate on a variable rate basis e.g. the rate of interest you start with can go down as well as up. This means it is important to constantly monitor the performance of the savings account and be prepared to move to a better-performing account. In these low savings interest rate times you need to monitor your account on a regular basis.
What you should be aware of when using an Instant Access Savings Account
- Some banks and building societies appear at the top of savings tables with an account paying a bonus rate which ends normally after 12 months. It’s good to get the highest rate but diarise to ensure you switch out when the bonus rate ends.
- Offers from banks providing online accounts only are great however if you do not have regular online access or are not technically confident, maintaining an account online might not be right for you. You may prefer a telephone, postal or branch account where you can speak to someone.
- Some accounts can be opened and maintained with a minimal deposit as low as £1, but savings providers may offer incentives such as tiered interest rates to encourage savers to commit more of their money to the account. Regularly review savings deals using sites like this or the weekend best buy tables.
- Interest paid on your savings is treated as income and you may have to pay income tax on it depending on your personal circumstances. If you don’t pay tax you can receive interest gross if you complete tax form R85. Some accounts will pay interest gross and it is up to you to declare any tax owed to the Inland Revenue.
With interest rates at the time of writing at an all-time low the impact of inflation on your money is a real and present danger to its future buying power. Use our savings account comparison tables to help find a better savings deal.