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Instant Access Savings Accounts

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    With an instant access savings account, you can put money aside for a rainy day, safe in the knowledge that you can withdraw the full amount at any time, instantly. Having no delay on the withdrawal process is much more convenient for some savers, as it means they have access to their savings whenever they need it, without having to wait for a fixed rate period to end.

    This way of saving might be advisable for those who simply want a savings pot that they can access without delay. If you would like a savings space that you can dip into for certain events such as birthdays, Christmas or otherwise, an instant access savings account could be the best option for you.

    What is an instant access savings account?

    An instant access savings account is an account used solely for saving money, which you can access instantly if you should need it. It will usually come with a lower interest rate compared to standard fixed rate savings accounts, but this could suit those wanting to save flexibly without being restricted by a fixed rate period.

    The ‘instant access’ refers to being able to instantly withdraw your savings, just like you would be making a withdrawal from your current account. With other savings accounts, you can be penalised for withdrawing money before your fixed rate period has finished. This makes this type of savings account preferable if you would like to dip in and out of your savings.

    How does an instant access savings account work?

    • You can deposit money monthly (there might be a maximum amount)
    • Earn interest on the balance of your account
    • Interest rate is usually lower than other fixed savings accounts
    • You can withdraw instantly, just like a current account

    With an instant access savings account, you can easily deposit money into the account and withdraw the full balance whenever you need to, meaning that it works in the same way as your standard current account, except with an interest rate.

    The luxury of being able to withdraw instantly and without having to pay a fee means that you will have a smaller interest rate compared to a fixed rate savings account, so will earn less from saving. This might suit you if you just need a secure space to keep your savings, but would still like to access what you have at any time.

    How to open an instant access savings account

    Getting an instant access savings account is a straightforward process as you’re setting up a secure space for your money, just like a current account. Always check the terms set out by the provider to see whether you qualify. Depending on the provider, you may also be credit checked prior to opening the account.

    Check out the following bits of information when comparing instant access savings accounts:

    • Interest rate – this should tell you how much you can earn based on how much you plan to deposit in the account
    • How often you will be paid interest – this can be monthly, quarterly or even annually
    • Minimum and maximum deposit amounts – this will indicate if there is a maximum amount you can deposit each month
    • Withdrawal process – you should have instant access to withdrawing money and unlike other savings accounts, you will not be charged

    If you’re happy with the above details, you can use our comparison tables to find the best instant access savings account for you, based on our panel of providers. 

    Who we work with

    We work with a number of providers to deliver a wide selection of savings accounts for you to choose from, enabling you to find the best option for you, whether it’s a cash ISA, investment ISA, peer-to-peer savings account or otherwise.

    Each of our providers are screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best savings product from a reputable source.

    You can find out more about our lenders and providers here

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