Instant Access / Easy-Access Accounts

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Instant Access / Easy-Access Accounts

These are a great way of storing money that you may need in a hurry. Any emergency funds you may have should be placed in this type of account so that you can immediately meet any unexpected costs.

With most easy access accounts you can begin by investing as little as £1, which makes them great for first-time savers who might need fast access to their money. Some instant access accounts will provide a cash machine card enabling you to access your money 24/7, although there will probably be a limit on how much can be taken out.

However, the rates offered are usually less than you would receive with more strict savings accounts. Your rate is also likely to be linked to the Bank of England base rate, which means that your interest will increase and decrease depending on the base rate – so remember to keep a close eye on what’s happening in your account by checking your rate at least every three months.

Despite having variable interest rates, some accounts also give a guarantee to keep rates at a competitive level.

Many of the best instant access accounts are with internet-only banks, which let you access your savings account by transferring (transfers can take between 3-7 working days) from a nominated current account.

Remember to read the terms and conditions for more information on any account you’re interested in.

Pros of instant access accounts:

• 24/7 access to your money whenever needed
• No notice or penalties on the accounts
• Can often open the account with as little as £1
• Interest rates can increase if Bank of England base rate rises

Cons of instant access accounts

• Interest rate not as high as other types of accounts
• Rates are usually variable - if the Bank of England base rate decreases then the rates would also slide