Which? Money provides its weekly look at the best savings deals currently available to help you deposit your cash in the right account.
Choosing the best instant access accounts
Instant access savings accounts are a popular choice for savers as they offer convenience and flexibility to access your money at any time, without having to give advance notice to the provider.
However, it’s a good idea to double-check the terms and conditions of the account to ensure it suits your requirements.
For instance, some accounts may restrict the number of withdrawals it permits each year. For example, some of the higher-paying instant access accounts will penalise you if you exceed the permitted number of withdrawals.
It’s worth remembering that some instant access accounts offer more immediate withdrawals than others; if you’re with an online-only bank or are operating your account by phone, it’s possible that any withdrawals or transfers you make might take a few days to go through.
Which? Best Rate instant access savings accounts must meet our minimum criteria:
- Must be fully covered by the Financial Services Compensation Scheme (FSCS).
- There must be no restrictions on withdrawals.
- All bonuses must be payable for at least 12 months.
- All of our Best Rate accounts are standalone and not tied to the purchase of another product with the same provider.
Top instant access savings accounts
The AA’s Internet Extra Issue 12 account currently tops the Best Rate instant access table at 1.60%, however, it comes with a 1.10% bonus which is payable for a year. The rate will drop to just 0.50% after the first year, so it’s worth noting a reminder in your diary to switch your money to a more competitive account.
Post Office, Skipton BS and Tesco Bank follow closely behind with their instant access accounts, all paying 1.50%.
Find more Best Rate products
- Best Rate savings accounts – to find the best instant, notice and one to five-year fixed rate accounts.
- Best Rate cash Isas – to find the best tax-free instant, notice or fixed rate cash Isa deals.
- Best Rate credit cards – to find the best cards to suit your requirements.
- Top unsecured personal loans – for borrowing £10,000 over 5-years or £5,000 over 3-years.
And finally… boost your savings
To find out if your savings account is paying a competitive interest rate, check out the Which? Savings Rate Booster tool and switch your account for a better deal if necessary.