Instant Access Savings Accounts

Instant Access Savings Accounts

Whether you are saving up for an expensive item or you just want put some money aside for the future, an instant access savings account will keep your money safe and earn you interest. With interest rates at their lowest, it has become even more important that individuals look around for the best deal.

The great thing about instant access savings accounts is that it is incredibly easy to access your money. Indeed, unlike other types of savings account like fixed ISAs, customers will not be penalized for withdrawing their money.

In addition, many banks offer their instant access savings accounts customers online banking options and cards to withdraw money from an ATM. This makes this type of saving account perfect for emergency funds.

However, it is important to remember that this instant access comes at a price: these savings accounts tend to have the lowest interest rates. Therefore, if you are looking to earn considerable interest, you are best off looking at different savings options.

What To Look Out For

In order to choose the best instant access savings account, there are a number of factors that savers should take into consideration.

As instant access savings accounts tend to have the lowest interest rates, it is especially important that you spend some time researching the options available. In addition to looking at the usual interest rate, be sure to factor in any special introductory offers.

While all instant access savings accounts offer easy access to your savings, some banks and building societies offer more flexible access than others. For example, some banks will offer their instant savings account customers a card to withdraw money from ATMs whereas other banks only allow customers to take out money in a branch.

Although instant access savings accounts offer great accessibility than other types of saving accounts, some of these accounts, particularly those which have the higher interest rates, place a limit on how many withdrawals customers can make from their account and will charge them should they require any additional withdrawals. In addition, some banks and building societies will not pay interest in a month where a withdrawal is made.

When looking at the different savings accounts available, make sure you check out their terms and conditions. While many accounts can be opened with a £1, others require a larger initial balance.

Best Instant Access Savings Accounts

Provider Account Interest Rate Number of Withdrawals Minimum Balance
Post Office Instant Saver • 0.10%
• 0.90% bonus for first 12 months
Unlimited £500
NatWest Instant Saver • 0.50% up to £49,999
• 0.75% £50,000 +
Unlimited £1
RBS Instant Saver • 0.50% up to £49,999
• 0.75% £50,000 +
Unlimited £1
Halifax Everyday Saver • 0.25%
• 0.50% bonus for first 12 months
Unlimited £1
Tesco Bank Instant Access Savings Account • 0.60% Unlimited £1

*Rates verified at time of publishing, but may be subject to change