Best easy access savings accounts – August 2023

Rising interest rates have boosted the returns on instant-access savings accounts with some of the highest rates for years. We look at the best easy-access savings accounts on the market.

Piggy banks on stacks of coins
Easy-access savings accounts let you get at your savings with no notice required
(Image credit: © Getty Images)

The Bank of England has been hiking its base rate for the past year, which has benefited savers as providers pass the rate increases on to their savings accounts.

Currently no account offers a rate that beats inflation, but banks have continued to up their rates as they compete for business. This has led to some of the best deals savers have seen in years.

If you have cash savings, you can currently earn over 4% from an easy access account. And rates are even higher if you decide to lock your savings away in a fixed savings account.

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Rising rates have spelled bad news for borrowers as mortgage repayments go up. But those savers with cash sitting in a low interest rate account would be wise to move their money elsewhere – especially as deals get pulled as fast as they’re coming in.

Easy-access savings accounts do not require you to give notice to access your savings and you do not have to lock your money away for a set period before you get paid interest, making them ideal for an emergency fund. The rates are often variable.

Here are the best easy-access accounts available now. MoneyWeek uses data from Defaqto to regularly update this article. All the banks we mention are protected by the Financial Services Compensation Scheme, which means up to £85,000 of your money is protected should a bank go bust.

This article may contain affiliate links – when you purchase through links on our site, we may earn a commission.

The best easy-access savings accounts

Shawbrook Easy Access Account - 4.63% AER

Open this easy access saver with £1,000 minimum deposit and save up to £85,000. You can choose to receive interest monthly or annually and you can open and manage this account online.

Oxbury Personal Easy Access Account – 4.55% AER

You can open it with a deposit of £1,000 online, but it can also be managed via the app. Interest will be calculated monthly but must be compounded into the balance.  You can save up to £500,000 and you are free to make as many withdrawals as you need.

Secure Trust Bank Easy Access Saver - 4.55% AER

This easy access saver can be opened with £1,000 and you can save up to £85,000. Interest is calculated daily and paid monthly. You can open and manage this account online. 

Chip Instant Access Account* - 4.51% AER

Chip's instant access account pays a 4.51% return on your funds. The account is free to open and there are no charges for holding the account. You can deposit a maximum of £85,000.

The return is paid monthly, as traditional interest. It's not cash though, it's money Chip will pay you when you withdraw all the money you've deposited in your account.

You will still see the bonus as part of your balance, but it's always the last money to be withdrawn from your account. Your bonus will not compound, so you won't earn interest on your bonus. Also note this bonus is not covered by the FSCS. You can open the account in-app, and it's only available to existing customers.

*When you sign up via this link, we may earn an affiliate commission from this deal.

Investec Bank Online Flexi Saver - 4.47% AER

This easy access saver is offering 4.47% and you have unlimited flexibility with withdrawals and deposits. To start saving you will need to deposit a minimum of £5,000 and you can save up to £250,000. Open and manage the account online.

Tandem Instant Access Saver – 4.36% AER

There’s no minimum deposit required to open Tandem’s instant access account, which is opened and managed exclusively through the company’s app. You can save up to £250,000 and can withdraw your savings as often as you like with no fees or charges.

Monument Bank Easy Access Saver - 4.35% AER

Although this bank offers 4.35% on savings, you must open this account with at least £25,000 minimum deposit. You can save up to £85,000 and open the saver using the Monument banking app. Interest is rewarded monthly and there are no limitations on withdrawals. 

Coventry Building Society Four Access Saver - 4.3% AER

You can earn 4.3% interest on this limited easy access saver. Its main caveat is you can only make up to four withdrawals per year. Start saving in the account with just £1 and you can deposit a maximum of £250,000. Interest is paid annually or monthly, and you can open the saver online or in branch. 

Post office Online Saver - 4.25% AER

Start saving in this account with just £1 and save up to £2million. Interest is paid monthly and you can open this saver online. 

RCI Bank Freedom Savings Account - 4.2% AER

You can start saving in this account with £100 and you can save up to £250,000. There are no penalties on withdrawals and you can open the saver online. Interest is calculated daily and can be paid into your account monthly or annually.

How do easy-access accounts work?

Easy access accounts do what they say on the tin – they give you hassle-free access to your cash when you need it. They’re also known as instant access accounts or no-notice accounts.

You earn interest on the money you pay in but you’re able to withdraw your funds whenever you want, which makes them ideal for rainy-day funds.

However, they might not be the best home for large amounts of money because you can get better interest rates if you store your money away for a few years or by investing if you are saving for the long-term.

Also note that some banks offer introductory rates to entice you to bank with them, so it is a good idea to keep an eye on rates and switch to another account when the rate drops. With the Bank of England expected to increase interest rates further, you may also find some better rates in the coming months, so it is worth shopping around on a regular basis.

Vaishali Varu

Vaishali graduated in journalism from Leeds University and she has experience working with the likes of Leicester Mercury, Inews and The Week. She also comes from a marketing background, where she has done copywriting and content creation for businesses. 

Currently writing about all things personal finance, Vaishali is passionate about finding the best deals around, whether it's the best credit cards or the cheapest personal loans, as well as sharing top money hacks to help people save and better manage their money.