Compare Easy Access Savings Accounts

Compare Easy Access Savings Accounts

Opening an easy access savings account is the first step to ensuring you can put money aside for the future, with the option of withdrawing whenever you like. This is convenient for those saving for a number of things, including a deposit for a house, a holiday or even affording a wedding.

Giving yourself a secure place to store your savings is important as it means you won’t be able to spend it on impulse purchases and it won’t get eaten up by monthly bills or payments you need to make. An easy access savings account will give you the tool you need to separate your finances and ensure that you will make use of your savings account.

What is an easy access savings account?

An easy access savings accounts is an account you simply use for saving money, usually transferred from an existing current account. You can choose to deposit a large amount, or deposit smaller frequent amounts every month which you can set up as a standing order.

The ‘easy access’ part of the account refers to the ability to withdraw whenever you like. With a small delay, rather than having to wait for a fixed period before withdrawing your savings. This convenience makes the most sense for some savers, even though it’s likely that you will get a smaller interest rate so will earn less from your savings than a fixed rate savings account.

How does an easy access savings account work?

• Deposit money (there might be a maximum amount depending on provider)
• This will earn interest the longer it is kept in the account
• Interest rate is usually lower than other fixed savings accounts
• You can withdraw easily, there are no restrictions but might be a small delay

An easy access savings account works like any other standard savings account, accept that you’re allowed to withdraw your savings at any time, rather than having to wait a fixed period. This means it is a versatile account, ideal for those who want to save money, but might not have a particular reason for saving.

You can withdraw your savings easily, put there might be a short delay to receiving them. If you would prefer an account where you can withdraw your savings instantly, you should go for an instant access savings account instead.

How to open an easy access savings account

Opening a new easy access savings account is easy to do, and can normally be done online by filling out your personal details. Each provider will have different criteria for acceptance, so it’s worth double checking before you apply. Some providers will also need to perform a credit check.

It’s important to read the terms of your savings account and understand exactly how it works. This will make it easier for you to manage it properly for the future. It’s worth checking the following details:

• Interest rate and if it can change – make sure you know if the rate is fixed or variable so you can work out how much you will earn from the interest
• How often interest is paid into the account – check how frequently you will receive interest as a payment into your account
• Minimum and maximum deposit amounts – work out how much you can deposit
• Withdrawal process – check how it works with withdrawing and make sure you have easy access to your savings

Once you’ve checked these details, simply go online and apply for your preferred savings account. Check out our savings account comparison tables to see which provider offers an account to suit you.