Best Instant Access Savings Accounts

Find an instant access account that will still give you a good rate of interest after the introductory period has ended, in this review.

Updated: December 1, 2023

Current accounts provide the opportunity to grow wealth at a time when the British economy is weakening before our eyes — making it a serious choice today whether to be a borrower or a creditor.

A savings account that enables you to withdraw your money anytime you need it is called an easy access savings account (or immediate access savings account). The interest rate on these accounts is often variable, meaning it might fluctuate over time.

If you are looking to generate interest on your savings (versus debt) while still having fast and easy access to the funds for things like short-term objectives or emergencies, an easy access savings account may be a smart choice for you.

These accounts do not force you to set aside a certain amount of money as notice accounts or fixed-rate bonds do, but they do pay a little more interest than a regular checking account.

This guide will overview seven instant access saver accounts for British folk.

1. Chip★★★★★Click Here
2. Aldermore★★★★★Click Here
3. Shawbrook Bank★★★★★Click Here
4. Nationwide★★★★★Click Here
5. Investec★★★★★Click Here
6. Post Office★★★★Click Here
7. Barclays★★★★Click Here

At a Glance, Pros and Cons

This quick section is for you if you want a quick summary of the pros and cons of current accounts.

Paid checking accounts often come with perks like free travel insurance, but are they worth the cost? To help you make an informed decision, we outlined the benefits and drawbacks below.


✅ Additional interest — This is the primary benefit for many people who use a notification account. Better returns on savings are your reward for consenting to lock your money away and not extract it promptly. 

✅ Putting a stop to erratic withdrawals — If you tend to make unneeded impulsive purchases, a notice account may be useful for your long-term planning since it stops you from withdrawing money on a whim. 

✅ Putting money away on a regular basis — A notice account allows you to make further deposits anytime you wish, unlike bonds or other fixed rate accounts. Increasing your savings will allow you to maintain your current interest rate. 


❌️ Transaction times are rather brief in the outset — Interest rates on new accounts may be very high for the first year or so, but then drop to a more modest rate when the introductory period ends. You really need to move your money to a different account right now.  

❌️ Covert clauses — The conditions will not be “hidden”, but there may be catches like a minimum balance required to get interest. Before you agree to the terms and conditions, please read them carefully. 

❌️ Cash withdrawal fees may apply — You may lose interest or be required to close your savings account if you need to withdraw money from it before its maturity, even if it is for an emergency. For this reason, it is prudent to maintain a separate notification account from those used for day-to-day transactions. 

Best Instant Access Savings Accounts:

So, let us get right to it. Now, let us get down to business and talk about the best savings accounts that offer instant withdrawals. All are available to residents of the United Kingdom and are subject to regulation by bodies like the FSCS.

1. Chip — Best UK Instant Access Savings Account Overall

The “market-leading” 3.4% interest rate is available at the convenient access rate. Chip, a mobile banking app, has consistently out-of-the-ordinary interest rates since its inception.

In November 2022, they released Chip Instant Access with a fee of 2.55%. The current return of 3.4% is the highest in the industry (for the time being, at least).

The idea is appealing, and several individuals have asked me whether they should transfer their funds to a safe saver’s account. In the case of a basic savings account, I would agree. 

With a maximum of £250,000 your account might earn you 3.4% AER. According to Chip, this rate may climb once again if the Bank of England raises the base rate in 2023, and if that happens, we will try to let you know.

According to Chip, this rate may climb once again if the Bank of England raises the base rate in 2023, and if that happens, we will let you know. Keep in mind: with Chip, you won’t be able to earn any direct interest. Instead of interest, you will get a “reward”, which technically works a bit differently from interest from a traditional savings account.

2. Aldermore Double Access — Next-Best Instant Access Savings Account

First off, it is important to note that this bank is quite upfront about the fact that their interest rates fluctuate and do not contain any kind of promotional deal.

Opening an online account, verifying your identification, and transferring funds can all be done in a matter of minutes. This account may be opened in either your own name or in the names of you and another person.

You may begin saving with as little as £1000 and contribute more anytime you wish. Gain access to your funds whenever you need them with unlimited withdrawals.

If you make two or fewer withdrawals every anniversary year (the 12-month period beginning on the opening date of your account and repeating on each yearly anniversary), you will get the greater rate of interest. 

If you withdraw more than three times in a year, your interest rate will decrease beginning on the day after your third withdrawal and ending on the day before your account's anniversary.

If you have taken money out of your savings account three times or more and the interest rate has gone down as a result, it will go back up on the anniversary of the day you opened your account. 

You will be able to make two more withdrawals during the following anniversary year without having the interest rate decrease to the lower rate, since the withdrawals will also reset. If you establish an account and change your mind within 14 days, they will cancel it and refund your money with no questions asked and no explanation needed.

3. Shawbrook Bank — World-Leading Instant Access Savings Account

A slew of new best purchase savings rates have debuted just in time for the Spring Bank Holiday weekend of 2023, as conventional banks suffer from the Eastern Europe war

Shawbrook Bank, in particular, has introduced a best-buy cash Isa earning 3.45% and a market-leading easy-access plan paying 3.65%.

The minimum initial amount for both accounts is £1,000, and both may only be created and handled digitally online. The highest amount a saver may put into an easy-access account earning 3.65% is £85,000 ($170,000 in a combined account).

Under the Financial Services Compensation Scheme, the money is completely safe. A saver who deposits £10,000 into this account for a year may anticipate receiving £365 in interest. 

Although the annual Isa allowance is only £20,000, those who choose the cash Isa deal can transfer up to £250,000. Since these are both brand-new products, current Shawbrook Bank easy-access deal or cash Isa holders will need to switch providers in order to take advantage of the higher rate. 

4. Nationwide — Popular Instant Access Savings Account with Security Features 

Nationwide is one of the major UK savings providers and the largest building society in the world. Its name is nearly as well-known as HSBC

Mutual banks are owned and operated by their members for their mutual benefit. In kind, members of Nationwide can use their savings to secure a mortgage with the company's support.

Nationwide provides a variety of savings accounts, perfect for those who want to put money away for emergencies as well as those who can wait for their money to grow over time. The current market best quick access rate is 5.12%, whereas the top rate offered by Nationwide Building Society is just 3.2%.

Whatever your financial situation, you should be able to find a savings account that works for you among the many options offered by Nationwide. Unfortunately, this has narrowed the selection of cash ISAs available, so you may need to shop around for a better fit.

If you are looking for a savings account, Nationwide may be a good option since it is owned by its members and does not have to pay shareholders as much as traditional banks, but you should compare rates with other providers to be sure.

5. Investec — Trustworthy Instant Access Savings Account for Wealthy Clients 

Investec is a domestically significant banking, wealth, and investment business with global connections. Investec is a global banking, investing, and wealth management services provider with a focus on South Africa and the United Kingdom, as well as certain foreign markets.

Customers of personal banks have the option to bank, save, invest, or borrow. Investec is a private bank whose clients must earn £300,000 per year or have a net worth of at least £3 million before they are eligible to establish an account.

Foreign exchange services, easy-access savings accounts, and offshore savings accounts are also available to private banking clients.

Asset management, financial planning, and wealth management are just some of the Investec offerings that help clients with financial decisions and portfolio development.

Investec provides a range of investment products in a secure digital environment, as well as company financing, capital markets, venture capital, specialty lending, private equity, property financing, and corporate lending.

Investec offers dedicated teams with deep knowledge in cash management, risk management, institutional investing, and specialty financing for bigger enterprises.

6. Post Office — Basic Instant Access Savings Account

Post Office Money® provides many savings options with rates as high as 3.95 percent.

With more locations than all of the UK's banks and building societies combined, the Post Office is the country's biggest retail network and financial services business.

More than 17 million customers visit the Post Office each week, and the Post Office processes over 47 million transactions every week.

The Post Office is a one-stop shop for a wide variety of services, including mail delivery, insurance, foreign currency exchange, government transactions, money transfers, and more.

The ability to save money without paying taxes is another perk. Post Office cash ISAs are held with Bank of Ireland UK, whereas all other ISAs are offered via OneFamily, a cooperative society.

Bank of Ireland UK, a participant in the Financial Services Compensation Scheme (FSCS), is the provider of all other Post Office savings accounts. All of your funds with the Post Office are guaranteed up to £85,000 in the event that the bank goes out of business.

If you prefer dealing with people in person, the Post Office may be a suitable place to create a savings account since it has more locations than any UK bank and offers a wide variety of services. However, its accounts are rather simplistic, so if you are hoping to get more for your money, you may want to look elsewhere. 

7. Barclays Rainy Day Saver — Popular Current Account

For its Blue Rewards customers, Barclays has introduced a new connected savings account called “Rainy Day Saver”, which offers interest of 5.12% on balances up to £5,000 and is more than twice the rate of the best easy-access account available to the general public.

To receive it, you will have to jump through a few hoops.

You can put away as little as a quid in your Rainy Day Saver because of its convent, low minimum deposit requirement. But the interest rate drops to 0.15% on balances over £5,000 from the standard 5.12%.

You need to have a current account with Barclays and enrol in the Barclays Blue Rewards program, which is a cashback and perk program only to Barclays account customers.

To join, you need to deposit £800 into your Barclays checking account per month and pay a £5 monthly charge (which is waived if you set up at least two direct debits). You will furthermore need to have an active online or mobile banking profile.

The Barclays Rainy Day Saver can then be opened using the bank's website, mobile app, a physical branch, or over the phone.

Best Instant Access Savings Account — Buying Guide

This section will focus on the more subjective risks and benefits of easy access saving accounts. The following section may be useful if you are aware of the expenses of debt and are seeking methods to minimise or get rid of that debt.

What is an Instant Access Savings Account? 

A savings account is simply an account for you to put money in and earn interest. Easy access accounts make registering and using your account as simple as possible. 

Easy-access accounts are designed so that you may deposit money into them, earn interest on that money while it sits in the account, and then take it anytime you choose. This is particularly helpful in light of the current cost of living problem.

However, the rates are not set in stone and are subject to change. You will be alerted if the top payer changes, but you should check the table below to see who is currently paying the most. You may discover that your current provider has a better rate on a different account or a newer version of their service. Transfer the funds if your account has fallen behind.

You may have to give up some freedom in exchange for a guaranteed interest rate by putting your funds in a fixed account. But first, investigate whether there are methods to increase your speed while yet retaining the necessary access.

Interest earned on savings accounts is often not subject to taxation. Taxpayers at the basic rate may keep £1,000 per year, while those at the higher rate can keep £500.

Assuming a basic tax rate of 10%, this would require a savings balance of approximately £28,000 at the best easy-access rates or £22,000 at the top fixed rates. To avoid paying taxes on the interest you earn on your investments, open a cash Individual Savings Account (ISA).

Tell Me the Process of Opening an Instant Access Savings Account

As long as you satisfy the following requirements, you can open an easy access savings account:

  • Aged 18 or above.
  • A UK citizen. 

After following the aforementioned procedures to decide on an immediate access savings account, opening an account is easy. It is as simple as:

  1. Submit an application. You can do this at any major bank's website, or you can visit a branch. ✔️
  2. Identify yourself and provide documentation of your current address. Common forms of identification include driver's licences and recent utility bills. Make sure that your current address appears on all utility bills. ✔️
  3. Put down the bare minimum required.You may start several types of rapid access savings accounts with as little as one penny, while the norm is to deposit just £1. ✔️

2 Things to Know About Instant Access Savings Accounts

Your savings are safe — up to £85,000 is protected per bank or building society.

Every bank or building society we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust (£170,000 for joint accounts). The only thing to watch out for is some banks are linked to others, meaning this protection is shared. See Are your savings safe? for full info.

If you've got debts or a mortgage, overpaying often beats saving.

Paying off costly debts should come before putting money down for the future. For comparison's sake, let us say you have £1000 in savings earning up to £20 per year, and you also have £1800 in credit card debt at an APR of 18%. You will be almost £160 better off after the loan is paid off using the money you saved.

Instant Access Savings Account — Best Money Tips to Supercharge Savings

Do you think combining money and marriage issues is a recipe for disaster? You’re not alone. Money is the number one issue married couples fight about, and it’s the second leading cause of divorce, behind infidelity. When we talk about money in relationships of any kind, we’re bound to find some frustration and tension.

No matter how much you love your spouse, trying to merge your lives — and “his and her money” — can be a bumpy (but still beautiful!) ride. After all, you both are coming from different life experiences, and the way you perceived and internalised those experiences was probably very different. That’s why you sometimes have two very different views on money!

Whether or not you are married, here are savings lessons that have stood the test of time, to give you more peace of mind and success monetarily. 

Growing Actual Credit (Having More Cash 💵)

Imagine who you could be, then aim single-mindedly at that.

Jordan Peterson

#1. Keep track of every penny you spend.

I’ve written before about the zero-based budget, in which every pound is allocated specifically. Zero-based budgeting is a method of financial planning in which you do not spend more than you bring in each month.

Therefore, if you earn £5,000 per month, you are employing all £5,000.  You are able to bend every dime to your will. Prior to the start of the month, each pound is given a name.

As a result, some of those funds go toward meeting day-to-day needs, while others are set aside for longer-term objectives like buying a vehicle or eliminating debt. All of your money gets allocated in the end.

It was eye-opening to budget in this manner rather than merely use an app to keep track of my money. What I had assumed to be a comfortable gap between my monthly income and spending turned out to be far less than I had anticipated. 

#2. Adjust your lifestyle to suit your needs, not those of the masses.

Most British people now consider carrying debt to be normal. It is common practice to buy a £30,000 automobile with no down payment and large monthly payments. It is typical to borrow as much money as possible when purchasing a home. However, commonplaceness does not imply competence. 

Ramsey says that if you commit to being unique, you will eventually be able to live independently from everyone else. While I would prefer otherwise, this is a pretty accurate statement regarding the mindset you will need to have when handling money. You need to resist the peer temptation to spend lavishly if you want to invest wisely and generate long-term wealth. 

#3. Get everyone in the team on the same page.

You and your spouse have a communication issue, not a financial one. One of the most essential things you can do to improve your financial life and your quality of life as a couple is to find common ground with your partner on all issues of money.  For example, you and your partner may sit down and talk about money once a month.

#4. Realise that concentrating means shutting out distractions.

In most cases with long-term goals, it is advisable to zero down on a single target, since it is the one with the most potential return. Momentum may be gained via concentration as well.  

Instead of trying to save for retirement, pay off high-interest debt, and build a three- or six-month emergency fund all at once, the baby steps advise focusing on paying off your high-interest debt after building a £1,000 emergency fund. Although I would not strictly adhere to this rule (e.g., passing up a pension match to pay off low-interest student loans), it is generally accurate. 

#5. Prevent the build-up of errors.

It is not surprising that many Brits owe more on their automobile than it is worth, given the prevalence of auto debt (as mentioned in the first item on this list). After all, while the value of a new car drops quickly, a new car loan does not. 

As a result, many individuals wonder whether they should retain the automobile or sell it to get out of debt. You should not have more than half of your yearly salary invested in your car collection.

#6. Keep in mind the 80/20 rule.

Only 20% of financial success can be attributed to intelligence and aptitude. Paying off the debts with the smallest sums first, as advocated by Ramsey's debt snowball, has come under fire from certain quarters since it prioritises convenience above saving money.

That is an honest assessment, too. If you want to save the most money and get out of debt as quickly as possible, prioritise the debt with the highest interest rate.

However, we humans are pretty irrational, so not everything is on an equal playing field. Paying off the debt with the smallest sum first is preferable than tackling the debts with the highest interest rates, according to a number of studies.

Why? Because it demonstrates a link between your efforts and the results you want. Gaining traction, no matter how little, may help you stay the course. 

#7. Keep in mind Murphy's Law.

Based on my own and others' experiences, I have concluded that everyone will have to deal with a financial emergency at some point. A financial crisis may be precipitated by virtually anything: the loss of a job, the closure of a firm, a lawsuit, a slump in the economy, a difficult family circumstance, a disastrous business deal, or the loss of money invested. 

Because “anything that can go wrong, will go wrong”, it is important to view your finances through the lens of Murphy's Law. I am not advocating a negative outlook on life. However, if you accept the reality that bad things will happen, you can take steps to mitigate the damage before it even starts.

Avoiding high-interest debt and maintaining a fully loaded emergency fund are the greatest methods to be ready for these worst-case circumstances. 

#8. Know what we mean when we talk about “affordability”.

Looking at your monthly budget and seeing that you can “afford” whatever it is you want to purchase is a simple way to rationalise making a monthly payment. If you want to buy a premium car, for instance, you may be able to afford the higher monthly payment of £300.

While the numbers may add up (Monzo vs. Starling budgeting apps), it is crucial to first define “afford” and determine whether or not it is a useful concept.

You can not afford a vehicle or a house if you can not pay for it in cash immediately. While this is a simplified definition, it still has the potential to help people avoid making serious money mistakes. 

#9. Make use of “Sinking Funds”.

When I initially began managing my money carefully using internet banking (since traditional banks are shutting by the minute), I would consider it a success if I came in under budget for a single month. The next month, I would berate myself for spending too much.  

But when I looked more closely, I saw that most of my living expenses were the same in the months where I went over my budget. I was overspending because of unexpected one-off costs, such as a wedding present and my yearly life insurance payments. 

You have budgeted this month to cover future outlays. You can decide to put £50 every month into a sinking funds account so that you always have the money you need for Christmas. As a result, your monthly expenditures will be more stable. It prevents you from beating yourself up over a budget overrun that was entirely foreseeable. 

#9. Recognize the influence of those around you.

James Clear, author of the best-seller Atomic Habits, says:

The more familiar we get with someone, the more probable it is that we may pick up some of their behaviours. The results of a pioneering 32-year study of 12,000 adults revealed that having an obese buddy raised one's own risk of obesity by 57%.

The inverse is also true. If one partner in a couple loses weight, the other will likely follow suit roughly a third of the time, according to another research. Invisible peer pressure from our friends and family leads us in their path.

This function may be filled by financial advisers. If you choose Ramsey as your role model, you may join a group of people who all work two jobs, eat rice and beans, and purchase cars for £1,000 each so that they can eliminate their debt as quickly as possible. 

Saving money in this way means more money for other endeavours, like cryptocurrencies and side companies.  

Leading Instant Access Savings Account for People and Small Businesses: The Verdict 

One of the most adaptable methods to save money is via an easy access or immediate access savings account. 

This is due to the fact that you may get your hands on the money in these accounts without paying any kind of fee. You may access your funds anytime you choose for any reason, and you will continue to earn interest on them.

These accounts are helpful for putting money away in the event of an emergency or for a one-time expense like a new piece of furniture or a vacation. Interest rates on simple or quick access savings accounts are much lower than those on other kinds of savings products because of the convenience they provide.

Don’t forget, it’s crucial to develop self-awareness.

Related Guides:


If I accidentally transfer funds to the incorrect account, what should I do?

How do tax withholdings and incentive compensation work?

Can dormant bank accounts be tracked down?

What is the difference between a standing order, a direct debit, and a regular payment?

What should I not do to keep out of debt?

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