A fixed-rate bond allows you to lock your money away for a set amount of time. You aren’t able to take the money out or add more money during this time, but in exchange you are normally rewarded with a higher interest rate in comparison to other savings accounts.
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Find an easy access account that works for you
What is an easy access savings account?
An easy access savings account lets you withdraw your cash whenever you need, usually without fees or penalties. You can top up your funds as often as you like, which makes this type of account suitable for day-to-day saving or building an emergency fund.
Easy access savings accounts pay a variable interest rate, so the rate can change at any time. Providers often adjust rates in response to movements in the Bank of England base rate and must give you notice before any changes take effect.
How do easy access savings accounts work?
You can usually open an easy access savings account with a small deposit, sometimes as little as £1. You can then add to your savings or make withdrawals at any time. Transfers to your bank account should arrive instantly or within a couple of days.
Be aware that some easy access accounts come with certain conditions, including limiting the number of withdrawals you can make per year. If you exceed this, your interest rate could go down.
Other accounts include a temporary bonus rate that boosts your return for the first 12 months, after which the rate drops. For example, your account might pay 4% AER, including a 2.5% bonus for 12 months. After that period, the rate will fall to 1.5% AER, and you might want to think about finding a new home for your savings.
Average savings rates comparison
| August 2023 | August 2024 | February 2025 | July 2025 | August 2025 | |
|---|---|---|---|---|---|
| Average easy access rate | 2.8% | 3.14% | 2.9% | 2.68% | 2.68% |
| Overall average savings rate* | 4.14% | 3.92% | 3.69% | 3.51% | 3.5% |
Source: Moneyfacts
* Overall average savings rate calculated using all on-sale, core market, variable and fixed rate savings accounts along with cash ISAs
Pros and cons of an easy access account
Pros
You can often open an account with as little as £1
You can add to and withdraw funds whenever required
The FSCS protects your savings up to £85,000 per financial institution
You can often open an account online or in a branch
Cons
Variable interest rates can go up or down at any time
Some accounts include bonus rates that only temporarily boost your return
Some accounts place restrictions on the number of withdrawals you can make per year
Easy access accounts don’t always pay the best interest rates
Who should consider an easy access savings account?
An easy access savings account suits anyone who needs quick, penalty-free access to their money. It’s a good fit for:
Building an emergency savings fund to help cover unexpected expenses, such as car repairs
Saving for short-term goals, such as planned expenses within the next 12 months
Anyone who doesn’t want to risk locking their cash away in a fixed rate bond
Average emergency fund size:[1]
£4,579
What’s the difference between an easy access and instant access savings account?
Many people use the terms easy access and instant access interchangeably. However, they can mean slightly different things, and the definition often depends on a financial institution’s own interpretation. While a withdrawal from an instant access savings account tends to be immediate, you might have to wait one to two business days to receive funds transferred from an easy access account into your linked bank account.
How to choose the best easy access savings account
To choose the best easy access savings account, you need to consider several factors.
Interest rate
When comparing accounts, look for one that pays a high interest rate. However, watch out for bonus rates and be prepared to move your funds to a new account once the rate drops. Also, check whether the account pays interest monthly or annually.
Deposit size
Check how much cash you need to open your account and whether you can meet this requirement. Also check the maximum balance permitted and remember that the Financial Services Compensation Scheme (FSCS) protects deposits of up to £85,000 per financial institution.
Account conditions
Some easy access accounts only work online and others might have to be opened in branch. Therefore, it’s important to check the account’s accessibility and make sure it works with your circumstances.
Management
If you open an easy access account with a digital provider, you must typically manage your account online or via an app. If you’d prefer to manage your account in branch, look for a savings account with a high street provider instead.
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.
How to open an easy access savings account
It’s usually quick and straightforward to open an easy access account, and you may be able to do this online, over the phone or in branch, depending on the provider.
You may need to provide proof of ID and address, though this is less likely if you already have an account with that provider.
What are the alternatives to an easy access account?
Fixed-rate bonds
A fixed-rate bond allows you to lock your money away for a set amount of time. You aren’t able to take the money out or add more money during this time, but in exchange you are normally rewarded with a higher interest rate in comparison to other savings accounts.
Cash ISA
A cash ISA is a type of savings account where you'll never pay tax on the interest you earn. You can pay into multiple cash ISAs each year, but there is a limit on how much you can pay into the account. For example, this tax year it’s £20,000 per person.
Notice savings account
A notice savings account requires you to give notice to your bank or building society before you can withdraw money. The notice period varies from a week to more than a month, depending on your account. It tends to have a higher interest rate in comparison to an instant access account and provides more flexibility than a fixed rate bond.
What are the alternatives to an easy access account?
Fixed-rate bonds
Cash ISA
A cash ISA is a type of savings account where you'll never pay tax on the interest you earn. You can pay into multiple cash ISAs each year, but there is a limit on how much you can pay into the account. For example, this tax year it’s £20,000 per person.
Notice savings account
A notice savings account requires you to give notice to your bank or building society before you can withdraw money. The notice period varies from a week to more than a month, depending on your account. It tends to have a higher interest rate in comparison to an instant access account and provides more flexibility than a fixed rate bond.
FAQs
Is my money safe in an easy access savings account?
Yes, the Financial Services Compensation Scheme (FSCS) protects money held in UK regulated banks or building societies up to £85,000 per person per financial institution.
How often can I withdraw from an easy access savings account?
You can usually withdraw from an easy access savings account as often as you like. However, some accounts impose restrictions, such as limiting the number of withdrawals you can make per year. So, be sure to check.
What is the bonus rate?
The bonus rate is an additional rate of interest paid on top of your standard variable rate for a set period, often 12 months. Once this period has passed, the account reverts to the standard variable rate, which is typically a lot lower, and you may want to move your savings to a new account.
How much should I have in easy access savings?
It’s generally recommended to keep at least three to six months’ worth of living expenses in an easy access account to cover emergency expenses. If you have more than this, you might want to consider putting some of it into a fixed rate savings account with a higher rate of interest.
Can I open more than one easy access account?
Yes, you can open multiple easy access accounts. You might want to open one to use as an emergency fund, another to save up for a holiday and a third for funds for a new car, for instance.
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References
1. Average emergency fund size: Source: Natwest Savings Index Report 2025