What is an instant access savings account?

An instant access savings account is exactly the same thing as an easy access savings account — the two names are used interchangeably by banks. Both let you withdraw money at any time without notice or penalty, in exchange for a variable interest rate that the provider can change.

What's the difference between easy access and instant access?

Nothing — they're two names for the same type of account. Some providers say "easy access", others say "instant access", but both mean you can deposit and withdraw freely with no notice period. The only practical difference to watch for is how quickly withdrawals actually reach your current account: most pay out instantly via Faster Payments, but a few take until the next working day.

Can the rate on an easy access account go down?

Yes. Easy access rates are variable, which means the provider can raise or cut them at any time — they must give you notice of cuts (usually at least 14 days for material changes), but you don't have to agree to them. This is why the top of the easy access table changes so often, and why it's worth re-checking the market every few months or setting a rate alert.

How many easy access savings accounts can I have?

There's no legal limit — you can hold as many easy access accounts as you like across different providers. Many savers keep two or three: one for an emergency fund, and others to chase the best rates. Just remember the FSCS limit applies per banking licence, so very large balances are safer spread across separately licensed banks.

Can I open a joint easy access savings account?

Many providers offer joint easy access accounts, though not all — app-only banks in particular often support sole accounts only. A joint account doubles your FSCS protection on that account (two people × the per-person limit), and interest is normally split equally between you for tax purposes.

Is an easy access account better than a Cash ISA?

It depends on your tax position. If your total savings interest stays within your Personal Savings Allowance (£1,000 for basic-rate taxpayers, £500 for higher-rate), a top easy access account often pays slightly more than the equivalent Cash ISA. If your interest exceeds your allowance — or is likely to as your balance grows — a Cash ISA usually wins, because all its interest is tax-free.

Why is my easy access rate lower than when I opened the account?

Two common reasons: a temporary bonus expired (many accounts pay an introductory bonus for the first 12 months, after which the rate drops to a much lower underlying rate), or the provider cut its variable rate. Either way, you're free to move your money — check the table above to see what you could be earning instead.

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Best Easy Access Savings Accounts

Compare Easy Access Accounts on DepositScout

Monitoring rates around the clock

Provider	Product		Access	Min Balance
Revolut New users only	Instant Access Savings	5.00% Variable	Instant	£1
Tembo Top pick	HomeSaver	4.55% Variable	Instant	£10
Chase UK New users only	Chase Saver	4.50% Variable	Instant	£1
Compare Easy Access with other accounts See All Rates
Saga	Easy Access Savings Account	4.50% Variable	Instant	£1
Cahoot	Simple Saver	4.32% Variable	Instant	£1
Post Office	Online Saver	4.31% Variable	Instant	£1
United Trust Bank	Limited Access Saver	4.30% Variable	Instant	£5,000
Hanley Economic BS	Dual Access Saver Online	4.27% Variable	Instant	£100
Tesco Bank	Internet Saver	4.21% Variable	Instant	£1
Hampshire Trust Bank	Online Saver	4.18% Variable	Instant	£1
Sidekick	High-yield Savings	4.17% Variable	Instant	£1
Virgin Money	Double Take E-Saver	4.16% Variable	Instant	£1
Best rates on up to £5,000
Santander Low balance	Santander Edge Saver	6.00% Variable	Instant	£1
Cahoot Low balance	Sunny Day Saver	5.00% Variable	Instant	£1

Revolut

New users only

5.00%

AER

Variable

Instant Access Savings

Interest Paid

Daily

Access

Instant

Minimum Balance

£1

Tembo

Top pick

4.55%

AER

Variable

HomeSaver

Interest Paid

Monthly

Access

Instant

Minimum Balance

£10

Chase UK

New users only

4.50%

AER

Variable

Chase Saver

Interest Paid

Monthly

Access

Instant

Minimum Balance

£1

Compare Easy Access with other accounts

See All Rates

Saga

4.50%

AER

Variable

Easy Access Savings Account

Interest Paid

Monthly

Access

Instant

Minimum Balance

£1

Cahoot

4.32%

AER

Variable

Simple Saver

Interest Paid

Monthly/Annually

Access

Instant

Minimum Balance

£1

Post Office

4.31%

AER

Variable

Online Saver

Interest Paid

Monthly/Annually

Access

Instant

Minimum Balance

£1

United Trust Bank

4.30%

AER

Variable

Limited Access Saver

Interest Paid

Annually

Access

Instant

Minimum Balance

£5,000

Hanley Economic BS

4.27%

AER

Variable

Dual Access Saver Online

Interest Paid

Annually

Access

Instant

Minimum Balance

£100

Tesco Bank

4.21%

AER

Variable

Internet Saver

Interest Paid

Annually

Access

Instant

Minimum Balance

£1

Hampshire Trust Bank

4.18%

AER

Variable

Online Saver

Interest Paid

Annually

Access

Instant

Minimum Balance

£1

Sidekick

4.17%

AER

Variable

High-yield Savings

Interest Paid

Daily

Access

Instant

Minimum Balance

£1

Virgin Money

4.16%

AER

Variable

Double Take E-Saver

Interest Paid

Monthly/Annually

Access

Instant

Minimum Balance

£1

Best rates on up to £5,000

Santander

Low balance

6.00%

AER

Variable

Santander Edge Saver

Interest Paid

Monthly

Access

Instant

Minimum Balance

£1

Cahoot

Low balance

5.00%

AER

Variable

Sunny Day Saver

Interest Paid

Monthly/Annually

Access

Instant

Minimum Balance

£1

Showing 14 of 15 results

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Easy Access at a glance

Best rate today: 5.00% AER
Top provider: Revolut
Accounts tracked: 145
Providers tracked: 76
Protection: FSCS up to £120,000
Rates checked: 2 August 2026

Easy access rates are variable, so today's best buy can change at short notice. Before opening, check whether the headline rate includes a temporary bonus and whether the account limits how many withdrawals you can make each year.

Ask Penny AI

Not sure if an easy access account is right for you? Penny compares every account we track and answers in plain English.

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What is an easy access savings account?

An easy access savings account (also called an instant access savings account — the two terms mean the same thing) is the most flexible type of savings account. You can deposit and withdraw money at any time without giving notice or paying a penalty, which makes it the natural home for an emergency fund or money you might need at short notice.

The trade-off for that flexibility is the rate: easy access accounts pay a variable interest rate that the provider can change at any time, and the best rates are usually a little lower than you'd get by locking money into a fixed rate bond or giving notice on a notice account.

Some accounts boost their headline rate with a temporary bonus for the first 12 months, and a few limit you to a set number of withdrawals per year before the rate drops — always check the small print before you open one.

How to open an easy access account

Most easy access accounts can be opened online or in-app in around ten minutes.

1Step 1 of 5

Compare rates in the table above — check whether the rate includes a temporary bonus and whether withdrawals are limited.

2Step 2 of 5

Check the minimum opening balance. Many accounts start from £1, but some require £500 or more.

3Step 3 of 5

Apply online with your personal details, address history and National Insurance number. Providers verify your identity electronically, so most applications are approved on the spot.

4Step 4 of 5

Fund the account by bank transfer or debit card from your current account.

5Step 5 of 5

Keep an eye on the rate. Providers can cut variable rates at any time, so it pays to re-check the market every few months — or set up a free rate alert and we'll tell you when better rates appear.

Easy Access pros and cons

Pros

Withdraw your money whenever you like — no notice, no penalties
Most accounts can be opened from £1
Ideal for emergency funds and short-term savings goals
FSCS protection up to £120,000 per person, per banking licence
No fixed term — you can switch to a better rate at any time

Cons

Variable rates can be cut at any time, often with little notice
Best rates are usually lower than fixed rate or notice accounts
Headline rates often include a temporary bonus that drops away after 12 months
Some accounts restrict the number of penalty-free withdrawals per year
Interest above your Personal Savings Allowance is taxable

Is my money safe in an easy access account?

Yes — every easy access account listed on DepositScout is covered by the Financial Services Compensation Scheme (FSCS), which protects up to £120,000 per person, per authorised banking licence. If the bank or building society fails, the FSCS refunds your money automatically, usually within seven days.

One thing to watch: some brands share a banking licence with a sister brand (for example, savings brands owned by the same parent bank). If you hold money with two brands under one licence, the FSCS limit applies to the combined total, not each account separately.

Tax and the Personal Savings Allowance

Interest from an easy access account counts towards your Personal Savings Allowance (PSA). Basic-rate taxpayers can earn £1,000 of savings interest per year tax-free, higher-rate taxpayers get £500, and additional-rate taxpayers get no allowance. Interest above your PSA is taxed at your marginal income tax rate.

If your interest is likely to exceed your PSA, consider moving some savings into a Cash ISA, where all interest is tax-free regardless of how much you earn.

Work out what you'll keep after taxFree UK savings tax calculator — personal allowance, tax bands and take-home interest.

Easy access, limited access and bonus rates

Not every account labelled "easy access" behaves the same way. Three variations to check before you open one:

True easy access

Unlimited penalty-free withdrawals with a single underlying variable rate. The simplest option and the best fit for an emergency fund.

Limited access

Pays a higher rate but only allows a set number of withdrawals per year (often 2–4). Exceed the limit and the rate typically drops sharply for the rest of the year.

Bonus-rate accounts

The headline rate includes a fixed-term bonus, usually for 12 months. Competitive while the bonus lasts, but diarise the end date — the underlying rate is often far lower.

Easy Access FAQs

Straight answers to the questions savers actually ask.

Looking for something else?

Compare every account type we track, side by side.

Savings accounts

Fixed Rate

Lock your money away for a guaranteed rate.

Notice Accounts

Give 30–180 days' notice in return for higher rates.

Regular Savers

High headline rates on smaller monthly deposits.

ISAs

Cash ISA

Tax-free interest on up to £20,000 a year.

Junior ISA

Tax-free savings for children under 18.

Lifetime ISA

25% government bonus towards a first home or retirement.

Stocks & Shares ISA

Invest tax-free — compare platforms and fees.

Written by

Jonny Pease

Reviewed by

Jan Watermann

Rates checked 2 August 2026

How we rank·How we make money·Editorial policy

This page is for information only and is not financial advice. Rates and account terms can change at any time — always confirm the details on the provider's website before opening an account. Read our full disclaimer.

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Nationwide FlexSaver Rate Down

4.20% AER

4.75%

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