What is an easy access savings account?
Reading time 5 minutes
At a glance:
Easy access savings accounts are a flexible type of savings account where you can take money out if you need to.
Easy access savings accounts often have a variable interest rate that can go up or down.
Some accounts may have limits on how often you can take money out.
How does an easy access account work?
An easy access savings account is a flexible type of savings account. You can usually add money whenever you like and still get access if you need it. It’s good for everyday savings and short-term goals.
Other types of accounts are less flexible. For example, regular savings accounts have a limit on how much you can add each month. Fixed rate bonds don’t let you take money out for a set amount of time, usually 1 to 5 years.
Our easy access savings accounts let you add money or take it out whenever you want. You can open an account with just £1.
Some easy access accounts may have limits on how often you can take money out. Check the account details before you apply.
Fixed or variable interest rate?
Easy access savings accounts often have a variable interest rate. This means the interest rate can go up or down. Some easy access accounts may have a fixed rate, but this is less common.
When is the interest paid on an easy access account?
Most easy access accounts pay your interest once a year. Some may pay your interest every month instead.
How many easy access accounts can I open?
There is no limit on the total number of easy access savings accounts you can have. Some providers may limit how many of a specific account you can have. Check the account details before you apply.
What are the benefits of an easy access account?
Simple - Easy access savings accounts are straightforward to set up and can be managed online.
Start small - Some accounts can be opened with as little as £1.
Add money - you can usually add money to the account whenever you like.
What to think about
Interest rate - it may be lower than other types of accounts, for example regular savings accounts.
Type of interest - most easy access accounts have a variable interest rate that could go up or down.
Taking money out - Many providers let you take money out as often as you want. But some providers may limit this. Check the account details before you apply.
The content on this page is for reference. It is not financial advice. For help with money issues, try MoneyHelper.
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