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 offer more immediate withdrawals than others and some may restrict the number of withdrawals it permits each year.
To earn the top instant access savings rates, you’ll need to operate your account via the internet. For example, the top five accounts in our table are online-only based deals, paying from 1.50% to 1.60%. The best non-internet accounts pay slightly less, at 1.45%.
Maximise the interest you earn
To maximise the interest you’re getting, use up your tax-free cash Isa allowance first, before putting your money in a taxable account. The cash Isa allowance for the current year is £5,760.
National Savings & Investments (NS&I) and Virgin Money offer the best instant-access cash Isa rate at 1.75%, but the account from NS&I doesn’t allow transfers-in from other providers. If you’re planning on moving previous years’ tax-free allowances to another provider, the accounts from Virgin Money are your best option.
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.