18th - 24th September is UK Savings Week and these are the best ‘instant access’ accounts and ISAs today
This week (18th - 24th September) is UK Savings Week, which aims to help make saving simple, easy and rewarding. With so many options available on the market, plus interest rates changing on an almost daily basis, it can be difficult to keep track of the best place for your money. .
To help, Defaqto, the UK’s most trusted source of financial product and market intelligence has searched the market and revealed the best instant access savings accounts from banks and building societies, plus the best instant access cash ISAs currently available.
It has also shared at a glance any limitations the account has on the maximum amount of withdrawals you can make annually, when the high interest bonus rate ends and the minimum initial deposit amounts to be aware of.
The Best Instant Access Saving Accounts
|
Provider |
Product |
Headline Interest Rate |
Introductory Bonus |
Minimum Initial Deposit |
Maximum Number of Withdrawals Per Year |
|
Kent Reliance |
Easy Access Account (Issue 65) |
5.01% |
N/A |
£1,000 |
unlimited |
|
Furness Building Society |
Triple Access Saver (Issue 1) |
5.00% |
N/A |
£1 |
3 |
|
Scottish Building Society |
Saver Plus |
5.00% |
N/A |
£100 |
4 |
|
The Family Building Society |
Online Saver (6) |
4.96% |
N/A |
£100 |
unlimited |
|
Ford Money |
Flexible Saver |
4.95% |
N/A |
£1 |
unlimited |
|
Cynergy Bank |
Online Easy Access Account (Issue 67) |
4.95% |
Interest rate includes a 0.95% bonus for 12 months |
£1 |
unlimited |
The Best Instant Access Cash ISAs
|
Provider |
Product |
Headline Interest Rate |
Introductory Bonus |
Minimum Initial Deposit |
Maximum Number of Withdrawals Per Year |
|
Moneybox |
Cash ISA |
4.75% |
Interest rate includes a 0.85% bonus for 12 months |
£500 |
3 |
|
OakNorth Bank |
Personal Easy Access Cash ISA |
4.75% |
N/A |
£1 |
unlimited |
|
Cynergy Bank |
Online ISA (Issue 42) |
4.70% |
N/A |
£1 |
unlimited |
|
Skipton Building Society |
Cash ISA Tracker (Issue 5) |
4.70% |
N/A |
£1 |
unlimited |
|
Marcus by Goldman Sachs |
Cash ISA |
4.60% |
Interest rate includes a 0.36% bonus for 12 months |
£1 |
unlimited |
|
Saga |
Cash ISA |
4.60% |
Interest rate includes a 0.36% bonus for 12 months |
£0 |
unlimited |
Katie Brain, Consumer Banking Expert at Defaqto, said: “The amount of options available to people who are looking to save, especially if you’re just starting out on your savings journey, can be overwhelming. Many accounts will have ‘headline’ interest rates but you must also look into the small print as nearly all accounts will have exemptions and limitations that you need to be aware of.”
Here are Katie’s top tips to consider when thinking about which savings account is best for you:
● If you’re saving for a rainy day and would need immediate access to your money, then you need an instant access account. Rates on these are the best they have been in a long time
● Consider how much access you may need. Several accounts have a maximum number of withdrawals allowed per year, and if exceeded the interest rate drops or an interest penalty is applied.
● Is there a bonus period? You may get the headline interest rate for a limited time only. If so, make a note of when this comes to an end and then review what is available when it’s coming to an end. You may be better off switching once any bonus period ends
● Check how you open the account? Are you happy to open the account online?
● Check how the account is operated? Are you happy to operate the account online only as some won’t have in-branch facilities
● Do you want the interest paid monthly instead of annually? Not all accounts offer the option of monthly interest
● Be mindful of the Personal Savings Allowance and whether to use a Cash ISA or not.