Easy Access Savings Accounts offer instant access to your money without having to give any notice or pay any penalty. Due to the flexibility of Easy Access Savings Accounts the interest rates offered are normally slightly lower than other types of accounts. Most Easy Access Savings Accounts can be opened with as little as £1, which make them a good type of investment for people who are starting to save but may need the money at short notice.

Some Easy Access Savings Accounts Providers have bonus and incentive schemes tied into the account in order to offer a higher interest rate. This could mean the number of withdrawals or amount you deposit is restricted. Interest rates are variable and may change regularly to reflect the Bank of England base rate. Click here to compare easy access savings accounts.

Pros of easy access accounts:

Immediate access to your money whenever you need it
No notice or penalties on the accounts
Can often open the account with as little as £1
If Bank of England base rate increases rates are normally changed to reflect this within one month.

Cons of easy access accounts:

Interest rate not as high as other types of accounts
Rates are usually variable which if the Bank of England base rate fell, the rates would change to reflect this i.e. decrease.

Compare over 4000 savings accounts, including tax-free and off-shore accounts.