All Savings Accounts
Ulster Bank eSavings
You'll earn 1.25% AER/Gross p.a. (variable) Instant access once you've set up internet and telephone banking and have a card and card reader. Manage your account online, by telephone banking or via Ulster Bank mobile app. It only takes a few minutes to apply. You'll need to be 18 or over and a UK resident. Daily withdrawal limits apply (see section 5 below).
Post Office Online Saver Issue 25
Annual option 1.27% gross/AER variable. Rate includes a 1.02% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to their underlying rate, currently 0.25% gross/AER variable. Interest is calculated daily and will be paid annually in March. Monthly option 1.26% gross/1.27% AER variable. Rate includes a 1.01% gross fixed rate bonus for 12 months from account opening. After 12 months the rate will revert to their underlying rate, currently 0.24% gross/0.25% AER variable.
NatWest Instant Saver
Will the interest rate change? The interest rate is variable, so it can go up as well as down. Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts. Gross Rate. This means the interest rate you are paid without the deduction of basic rate income tax.
Tesco Bank Internet Saver
Like online banking and want a flexible way to save? Then take a look at what Tesco Bank Internet Saver Account has to offer. Open your account with just £1. Earn 1.20% Gross/AER (variable) - including a fixed 0.80% bonus for 12 months - on balances up to £1 million Rate definitions. Instant access to your funds Daily withdrawal limits apply. Earn interest on your savings tax free, up to a certain amount.
Why might I need an instant access savings account?
Instant access savings accounts are ideal for people who want to earn a better return than from a current account, without being changed for withdrawing money.
If you are wanting to save at your own pace with instant access to your money at all times, then this type of account is right for you.
Many savings accounts have complicated rules on how often you can make withdrawals, but instant access accounts let you dip into your savings as and when you need to. It is the most flexible type of savings account and perfect for those who don’t want to tie up their money for certain periods of time.
It’s always a good idea to keep your savings in a separate account to your current account so that you are less likely to spend it on day-to-day life. The benefit of an instant access account is that it allows you to have a secure fund in times of emergency, without having to give any notice or worry about penalties.
The flexibility of these types of accounts means that they tend to have lower interest rates than other savings accounts. Therefore, if you don’t need instant access to your savings, you could earn more with other types of savings accounts.
FAQs about instant access savings accounts
What is an instant access savings account?
An instant access savings account lets you stay in complete control of your money. You can withdraw some or all of your money at any time, without having to give prior notice and without being charged.
How often can I access my money?
You can withdraw as much of your money as you like, whenever you like.
Will I be charged for taking money out?
No, you won’t be charged for opening this type of account or taking money out.
What is the downside to an instant access savings account?
Instant access options aren't always the best way to save. As they are completely flexible to the amount you withdraw and when you do so, the interest rates are usually low. Generally, the more restrictive the conditions are, the higher rate of interest you'll earn.
Are there high-rate, instant-access options?
Some instant-access accounts pay a higher rate than others, but they may impose restrictions so you need to read the terms and conditions carefully.
How much do I need to open an instant access saving account?
For this type of savings account, the majority of providers require £1 or more to open one.
How much should I save in an instant access account?
This type of account is great to use as an emergency fund, typically enough to cover your salary for between three and six months. If you can save more than this, you might want to look at alternative options that offer a higher interest rate.
Do I need to hold a current account with the same provider before I can open an instant access savings account?
Most providers won’t require you to hold a current account or any other type of account before opening an instant access account with them. However, some providers will only make their saving accounts available to existing customers.
What will happen to my money if the bank goes bust?
In the UK, banks, building societies and credit unions are protection under the Financial Services Compensations Scheme (FSCS). This offers compensation if an institution goes bust.