Compare Latest Instant Access Savings Accounts Deals
Instant Access Savings Accounts
Instant Access Best Buys
RCI Bank »
RCI Bank offer a very competitive instant access account.
- 4.45% AER/Gross pa (variable) interest rate
- Minimum deposit £1,000
- Interest is paid monthly or annually
- Unlimited payments and withdrawals
- Online account
- FSCS Protected
Quick online application setup from RCI Bank
Investec Bank »
Investec Bank also offer a very competitive instant access account.
- 4.40% AER/Gross pa (variable) interest rate
- Interest is paid monthly, either to linked bank account or adding back in
- Unlimited payments and withdrawals
- Minimum deposit - £5,000
- FSCS Protected
Quick online application setup from Investec Bank
Yorkshire Building Society »
Yorkshire Building Society offer a competitive instant access account.
- 4.60% AER/Gross pa (variable) interest rate
- Minimum deposit £1
- Interest is paid annually
- Unlimited payments and withdrawals
- Online account
- FSCS Protected
Quick online application setup from Yorkshire Building Society
Hampshire Trust Bank »
Hampshire Trust Bank also offer a competitive instant access account.
- 4.15% AER/Gross pa (variable) interest rate
- Interest is paid annually
- Unlimited payments and withdrawals
- Online account
- FSCS Protected
Quick online application setup from Hampshire Trust Bank
Post Office Savings »
Post Office Savings offer an instant access account.
- 4.10% AER/Gross pa (variable) interest rate
- Low minimum deposit £1
- Interest is paid monthly or annually
- Unlimited payments and withdrawals
- After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable
- Online account
- FSCS Protected
Quick online application setup from Post Office Savings
Aldermore Bank »
Aldermore Bank also offer an instant access account.
- 4.10% AER/Gross pa (variable) interest rate
- Minimum deposit £1,000
- Interest is paid monthly or annually
- Unlimited payments and withdrawals
- Online account
- FSCS Protected
Quick online application setup from Aldermore Bank
Chip »
Chip Savings also offer an instant access account.
- 3.75% AER/Gross pa (variable) interest rate
- Interest rate moves with Bank of England base rate
- Interest is paid monthly
- Unlimited payments and withdrawals
- Apply and manage account online
- Minimum deposit - £1
- FSCS Protected
Quick online application setup from Chip
Current Accounts
Santander Everyday Account »
Fee free account for everyday needs.
- No minimum monthly funding
- No monthly fee
- Get cashback, vouchers, prize draws and other offers personalised to you when you use Santander Boosts
- Mobile banking app
- Arrange overdraft facility available (subject to status)
- FSCS Protected
For more information and to apply for Santander Everyday Account
Santander Edge Up Account »
3.00% AER interest on balances up to £25,000 and cashback available.
- 3.00% AER/3.45% gross (variable) on balances up to £25,000
- 1% cashback (up to £15 a month) on selected household bills when you pay by Direct Debit
- 1% cashback (up to £15 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply)
- Make international payments with no extra fees
- £5 monthly fee
- Must pay a minimum of £1,500 into the account each month
- Arranged overdraft facility (subject to status)
- FSCS Protected
For more information and to apply for Santander Edge Up Account
With UK savings rates at an all time low you need to take action to ensure your savings are getting the best interest deal possible.
Many savings accounts offer below-inflation interest rates, which means people's savings are being eroded in real terms. While there are many savings accounts on the market, many do not offer much of a financial advantage, as they offer interest that only matches the base rate set by the Bank of England. We help you compare a selection of some of the best interest paying accounts.
For savers looking to access their money regularly, a good instant access savings account will offer flexible withdrawal facilities while combining these with a good rate of interest.
See here for a comparison of leading UK instant access accounts
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 holiday 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 3.0% (December 2017), 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, for example 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 that 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 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 by 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 providing 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.
