Best easy access savings accounts in the UK

Saving for a rainy day? If you have spare income after payday, it could be a good idea to stash it in a savings account. With a decent interest rate, you can start to build a useful savings pot.

There are many different types of savings accounts available in the UK. But if you need to be able to get at your money, an easy access savings account is the one to go for.

But which is the best one available in the UK right now? Read on for a list of accounts with the highest interest rates, best features and most attractive perks. We’ll also give you some tips on picking the most suitable account for your needs.

And, if you’re looking for an account to manage your everyday money in the UK and abroad, check out the Wise account from the money services provider Wise.

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Table of contents

What is an easy access savings account? Advantages and disadvantages of instant access savings accounts How to pick the best instant access savings account? Quick comparison of the easy access savings accounts The 7 best easy access savings accounts in the UK Ulster Bank - Loyalty Saver Santander - Santander Edge Saver Beehive Money - Easy Access Account Cynergy Bank - Online Easy Access Account Close Brothers - Easy Access Account Shawbrook Bank - Easy Access Account Skipton Building Society - Bonus Saver Wise – Money for here, there, and everywhere

What is an easy access savings account?

An easy access savings account does pretty much exactly what it says on the tin. You can deposit and withdraw money whenever you want, while still earning interest on your balance.

This is in contrast to some other accounts such as notice, restricted access or fixed term savers. These have restrictions on withdrawals, where you pay a penalty for withdrawing early or exceeding the number of permitted withdrawals. There may also be limits on deposits with accounts such as cash ISAs, or monthly fees like with packaged bank accounts.

Easy or instant access accounts are offered by most UK banks, building societies and other providers.

Advantages and disadvantages of instant access savings accounts

Before opening an easy access account, it’s worth taking a moment to weigh up whether it’s the right option for your needs. Here are some pros and cons to consider.

Advantages:

• Access to your money whenever you need it, with no restrictions or penalties
• Low or no minimum deposit requirements, for most easy access accounts
• Easy to open and manage.

Disadvantages:

• AER interest rates may be lower compared to fixed term or notice savings accounts
• Some accounts offer bonuses that expire after a year, after which the interest rate drops.

How to pick the best instant access savings account?

There are a few things to look for in a good savings account. The interest rate is likely to be a top priority, but you should also check:

• Whether your savings will be protected by the Financial Services Compensation Scheme (FSCS)
• What security features offered by the provider
• Reviews from current and previous customers
• How you’ll be able to manage your account, whether it’s online, via a mobile app, by phone or in branch.

📚 Read more: How to find the best current account in the UK?

Quick comparison of the easy access savings accounts

Here’s your at-a-glance look at the best easy access savings accounts in the UK right now, including details of AER, min/max deposits and how often interest is paid.

Account	AER*	Min/max deposit	Interest paid
Ulster Bank Loyalty Saver¹	5.20% (balances of £5,000+)	No min/max	Annually
Santander Edge Saver (Santander current account customers only)²	7%	£1/£4,000	Monthly
Beehive Money Easy Access Account⁴	5.20%	£1,000/£85,000	Annually
Cynergy Bank⁵	5.15%	£1/£1 million	Annually
Close Brothers⁶	5.15%	£10,000/£2 million	Annually
Shawbrook Bank Easy Access Account⁷	5.11%	£1,000/£85,000	Monthly or annually
Skipton Building Society Bonus Saver⁸	5.04%	£1/£85,000	Annually

* Rate as of 30th October 2023.

The 7 best easy access savings accounts in the UK

Now, let’s dive into the details for our easy access savings account comparison.

Below, we’ll give you the lowdown on each account, including important things like FSCS protection and ways to manage your money.

Ulster Bank - Loyalty Saver

The Loyalty Saver from Ulster Bank (part of NatWest Group) offers an interest rate of 5.2% AER/Gross p.a. (variable) on balances of £5,000 and over. If your savings drop under £5k, the interest rate falls to just 2.25%.¹

You can deposit money or withdraw money whenever you need to in this FSCS protected account, with no restrictions or penalties.¹

There are no minimum or maximum deposit limits either, so you can save as much or as little as you want. Although, remember that you’ll need to keep at least £5,000 in the account to get the higher interest rate.¹

You can manage your money online, by phone or on the Ulster Bank mobile banking app.

Santander - Santander Edge Saver

You’ll have spotted that the Edge Saver from Santander savings accounts' list has the highest interest rate on our list. However, there is a catch.

The savings account is only available to personal customers who already have a Santander Edge current account. This has a £3 monthly fee, although it does offer cashback and other benefits in return.³

If you tick all the boxes, you can apply for the easy access Edge Saver via your online banking.²

You can get started with just a £1 deposit, and will earn 7% AER (variable) on balances up to £4,000. This is a fantastic rate, but it’s not necessarily the best choice for those with larger savings pots, as only £4k of your money will earn interest. All funds are FSCS protected though.²

📚 Read more: How to open a Santander account online

Beehive Money - Easy Access Account

The Easy Access Account from Beehive Money is a flexible, everyday savings solution which pays 5.20% AER annually. This rate includes a bonus of 2.55% for a year, after which the rate will drop.⁴

You’ll need to stump up a minimum deposit of £1,000 to open the account, and there’s a maximum balance of £85,000. Your savings are fully FSCS protected, and you can manage your account on the Beehive Money mobile app.⁴

Cynergy Bank - Online Easy Access Account

The Online Easy Access Account from Cynergy Bank pays 5.15% AER, which includes a 1.15% AER bonus for the first year. This means that after 12 months, it drops to 4% AER. Interest is paid annually.⁵

You’ll get unlimited free withdrawals and FSCS protection up to £85,000, although you can save up to £1 million in this account. You can get started with a deposit of just £1.⁵

You’ll manage your money through online banking only, so if you prefer in-person banking this probably isn’t the right account for you.

Close Brothers - Easy Access Account

This Easy Access Account from UK merchant banking group Close Brothers pays tiered rates of annual interest:⁶

• Savings below £10,000 - 1%
• Savings above £10,000 - 5.15%

The minimum deposit is pretty hefty at £10,000, and you’ll need to maintain at least this balance to earn the higher rate of interest. But if you have a larger savings pot, this could be a good option.⁶

You can save as much as £2 million in this account, although FSCS protection only extends to £85,000 a person. Withdrawals are free and unlimited, and you’ll manage your account online.⁶

Shawbrook Bank - Easy Access Account

The Easy Access Account from specialist savings and lending bank Shawbrook has an interest rate of 5.11% AER variable. You can open it with a minimum of £1,000, and save up to £85,000 of FSCS-protected funds in the account.⁷

You can choose to receive your interest annually or monthly, and make unlimited free withdrawals whenever you like. However, there is a minimum withdrawal of £500. The account is opened and managed online.⁷

Skipton Building Society - Bonus Saver

Last but by no means least, there’s the Bonus Saver account from Skipton Building Society. It pays 5.04% AER variable, which includes a 1.24% bonus for 12 months. Interest is paid annually.⁸

The account can be opened with as little as £1, and you can save up to FSCS protection limit of £85,000. So, there’s no need to worry about any of your savings being left without protection.⁸

Once open, your account can be managed in a number of ways. This includes online, by phone, in branch or even by post.

Wise – Money for here, there, and everywhere

If you’re looking for an alternative way to manage your money at home and abroad, check out the Wise account. It’s not a bank account but offers many similar features.

You can open a Wise account online and manage your money in 40+ currencies, send money worldwide for low fees* and get mid-market exchange rates on all currency conversions. There’s even a Wise card for low cost spending in 150+ countries.

Sign up with Wise today 💰

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Sources used for this article:

1. Ulster Bank - Loyalty Saver
2. Santander - Santander Edge Saver
3. Santander - Santander Edge Current Account
4. Beehive Money - Easy Access Account
5. Cynergy Bank - Online Easy Access Account
6. Close Brothers Savings - Easy Access Account
7. Shawbrook - Easy Access Account
8. Skipton Building Society - Bonus Saver

Sources checked on 31-Oct-2023.