More than 1 million savers worldwide
Easy access savings accounts
Top easy access savings accounts up to 3.95% AER at Raisin UK.
✓ Withdraw and top up at your convenience
✓ Earn interest on your money whilst maintaining flexibility
✓ Savings accounts to suit you and your savings goals
View and compare zero-fee savings accounts
Why should you save with Raisin UK?
Easy money management
Our simple online platform and app allow you to manage your money easily at any time. With all your accounts under one roof, there’s no need to juggle multiple logins, either.
Access to more banks
Why limit yourself to the high street? With more banks at your fingertips from across the UK and Europe, we give you more choice to find the right savings account for you.
Extra savings boosts
From our refer a friend bonus to exclusive savings accounts offers, it’s easy to make your money work harder. We’ll always make sure you’re the first to hear about new top rates, too.
FAQs about easy access savings accounts
Are easy access savings accounts and instant access savings accounts the same thing?
They’re similar, but not quite the same. Both instant access and easy access accounts let you deposit and withdraw money, but instant access accounts usually allow unlimited, penalty-free withdrawals, and you often get your cash straight away.
Easy access savings accounts, on the other hand, may limit how often you can withdraw or require a short wait to access funds. Some may also require transfers to a nominated account before you can withdraw.
You might also see triple access savings accounts. This is a type of easy access account that only allows up to three withdrawals per year before the interest rate drops.
How much money do I need to open an easy access savings account?
You don’t always need a large deposit to open an easy access savings account. This makes them an accessible product for savers who may not have a large upfront deposit to put away into their savings pot.
There’s also no limit on the number of easy access savings accounts you can open. However, you’ll need to check that the total amount of interest you accrue across all of your accounts doesn’t exceed your personal savings allowance (if it does, you’ll need to declare it).
How much should I keep in an easy access savings account?
How much you should keep in your easy access savings account depends on your personal circumstances.
It's generally recommended that you have accessible savings to cover your bills and essential expenses for 3–6 months, if you happened to lose your job, for example.
Many savers choose to split their money between different savings pots. For example, they might keep some cash in flexible easy access savings accounts and some in a longer-term fixed rate account. This means that if an unexpected expense comes up, there is quick access to emergency funds in an easy access savings account.
How much should I keep in an easy access savings account?
How much you should keep in your easy access savings account depends on your personal circumstances.
It's generally recommended that you have accessible savings to cover your bills and essential expenses for 3–6 months, if you happened to lose your job, for example.
Many savers choose to split their money between different savings pots. For example, they might keep some cash in flexible easy access savings accounts and some in a longer-term fixed rate account. This means that if an unexpected expense comes up, there is quick access to emergency funds in an easy access savings account.
Do easy access savings accounts pay interest monthly?
With most easy access or instant access savings accounts, you'll earn interest every day, but interest is typically paid to the account, or accrued onto your funds, on a monthly basis. You can then withdraw the interest earned to use it as a monthly payment, or keep it in your account and enjoy the benefits of compound interest.
Is there a penalty for withdrawing money from an easy access savings account?
In some types of easy access accounts, there may be a penalty for withdrawing more money than the terms of the account stipulate. This penalty might come in the form of forfeiting interest on your savings or even a charge. That being said, there are plenty of easy access savings accounts that don’t restrict the number of withdrawals you can make, although bear in mind that the interest rate may be lower on these types of accounts.
As always, check the small print before you open any savings account, so you’re sure it’s right for your needs.
Do I have to pay tax on interest from my easy access savings?
Whether you have to pay tax on interest from your savings depends on how much you earn, but many savers don’t pay tax on their savings thanks to the personal savings allowance.
- Basic rate taxpayers can earn up to £1,000 interest tax-free.
- Higher rate taxpayers can earn up to £500 interest tax-free.
- Additional rate taxpayers pay tax on all interest.
If you do exceed your PSA (or you aren’t eligible for it), you’ll need to declare it. Any interest that exceeds your PSA will be taxed at your usual rate of income tax. If this applies to you, you may want to consider utilising tax-free savings accounts like ISAs.
All interest rates displayed are Annual Equivalent Rates (AER), unless otherwise explicitly indicated. The AER illustrates what the interest rate would be if interest was paid and compounded once a year. This allows individuals to compare more easily what return they can expect from their savings over time.
Raisin UK is a trading name of Raisin Platforms Limited which is authorised and regulated by the Financial Conduct Authority (FRNs 813894 and 978619). Raisin Platforms Limited is registered in England and Wales, No 11075085. Registered office: Cobden House, 12-16 Mosley Street, Manchester M2 3AQ, United Kingdom. The information on this website does not constitute financial advice, always do your own research to ensure it's right for your specific circumstances. Tax treatment depends on the individual circumstances of each customer and may be subject to change in the future.