14 December 2017 : 

Home / Savings Accounts / Instant Access Savings Accounts

Instant Access Savings Accounts

Instant access savings accounts afford you more leniency as to how quickly you can access the funds in your savings account than some other account types do. Consequently, this flexibility does mean that the rate of interest you receive is somewhat lower than you may find on other savings accounts.

Instant access savings accounts are an excellent option if you want to put money aside while remaining safe in the knowledge that you can get to your money when you need it most. To guarantee you are getting the best interest rates and the best account for your needs, use our comparison table below to check the best UK deals available right now.

Interest Rate
Min. Opening


We provide a personal finance, insurance and utility comparison service free to the user. compareandsave.com is a credit broker, not a lender, for the consumer credit products we feature. We usually receive commissions from the businesses we refer users to. This table comprises a range of popular products. Other tables may feature other products which may be better suited to your needs. Please ensure you have thoroughly investigated all available options before applying for products.


Getting the best instant access savings account

In order to get the benefit and the best rates from an instant access savings account, you may find yourself moving your money about a fair bit. However, through doing so, it is possible to get an attractive savings account which meets your needs and still offers a decent return on your balance. You should always keep an eye on what deals are currently being presented by other providers on the market. If, after comparing the market, you find that there is a better deal elsewhere then you should definitely consider switching your provider.

When selecting a provider to hold an account with, it is important to remember to look out for key features that you know you will require. For instance; if you are proficient in your use of the internet and think that making use of online banking is something which would appeal to you, then this may give you a wider range of providers who now use online banking as their preferred method of use for this account type. This may also mean that you receive a higher rate of interest by making use of an online instant access savings account. However, you will still have to check this is offered as a feature of the account, as not all providers will have online banking as a standard element.

Alternatively, if you know you will require branch access or prefer to do your banking the way you always have, then you may be better served opting for a branch savings account.

You should also consider that while instant access does allow you the freedom of withdrawing your finances at any time, you should remember that this may be a temptation to dip in to your savings. It may be worth looking into moving your money over to a fixed term savings account once you have built up a decent amount.

Savings accounts can also be opened for as little as £1 and after that your deposit will remain open, meaning you can keep the account until you are ready to use it. However, you may miss out on the best opportunity to get the best rates by doing this.

Considerations for an instant access savings account

In terms of managing day-to-day finances, it can be useful to have a savings account with instant access for each 'occasion' you are saving for, for example: one for a holiday, one for Christmas and so on.

Plus, you may want to consider getting an instant access savings account for the portion of your wages that would usually sit untouched in a standard current account for the majority of the month until it is needed to pay bills, as you will likely earn more interest on your money this way.

Using this method is especially easy considering there is no limit on how many standard instant access savings accounts you can have, and most require a very small initial deposit in comparison to other types of accounts.

Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Follow Us: facebook twitter Google+

©2017 compareandsave.com is a trading name of Freedom Marketing Ltd.
Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117. This can be checked at http://www.fca.org.uk/register. Registered in England & Wales under registration number 05349340. The company's registered office is Freedom Marketing Limited, Colchester Centre, Hawkins Road, Colchester, Essex, United Kingdom, CO2 8JX.

The offers that appear on this site are from companies from which compareandsave.com receives compensation.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.