Top easy access accounts offering up to 3.4% interest rates

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While living costs remain high, easy access savers are growing in demand as these accounts typically give savers the flexibility to dip into savings easily for support when needed. Interest rates have been rising almost month on month, making it key for people to keep watch of the market to ensure they’re investing in the accounts offering the highest returns.

Commenting on the market, Rachel Springall, finance expert at, said: “The consecutive Bank of England Base Rate rises, coupled with competition among challenger banks, has led to both the average easy access and notice rates hitting their highest levels in more than 14 years.”

But, while there are no savings accounts currently offering an interest rate that beats the UK’s staggering 10.1 percent inflation rate, some are offering particularly competitive rates. has pulled together the top 10 available right now.

Top 10 easy access savings accounts

Ranking top of the list is Chip’s Instant Access Account places fourth with an Annual Equivalent Rate (AER) of 3.4 percent.

The account can be opened online with just £1 and up to £250,000 can be invested. Instant withdrawals are permitted and interest can be paid away or compounded.

Yorkshire Building Society’s Rainy Day Account (Issue 2) places second with an AER of 3.35 percent.

This account offers a competitive, two-tiered variable interest rate and savers can get started with as little as £1. The 3.35 percent rate is applied to balances up to £5,000, while a 2.85 percent rate is applied to balances over £5,000.01.

Withdrawals are permitted on two days per year based on the anniversary of account opening, plus closure at any time.

Placing third is HSBC’s Online Bonus Saver with an AER of 3.25 percent, calculated daily and applied to the balance monthly.

The three percent rate is awarded on up to £10,000 of the balance every month a withdrawal is not made, while 1.75 percent AER will apply to figures over £10,000.

While this is an easy access account, meaning savings can be withdrawn, it isn’t flexible and on the occasion that a withdrawal is made, a 1.2 percent standard rate will be applied to that month instead.

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Paragon Bank’s Triple Access Account (Issue 12) places fourth with an AER of 3.25 percent.

The account can be opened with £1, interest is paid on the anniversary, and up to three withdrawals are permitted without facing a penalty. If four or more withdrawals take place, interest will drop to 0.75 percent until the day before the anniversary of the account holder’s opening deposit.

In fifth place is Al Rayan Bank’s Everyday Saver (Issue 3), with an expected profit rate of 3.22 percent.

The bank operates under Shariah principles, which means people earn profit rather than interest on their savings.

The account requires a minimum deposit of £5,000 to open and profit is calculated and credited on the last working day of each calendar month. Unlimited withdrawals are also permitted without penalty.

Zopa places sixth with an AER of 3.21 percent on its Smart Saver.

Zopa allows customers to open personalised pots, however, a maximum of £85,000 can be deposited to the account in total before account holders are no longer allowed to submit any more cash. There is no minimum deposit and interest is paid monthly.

Gatehouse Bank’s Easy Access Account places seventh, also with an AER of 3.2 percent.

The account can be opened with £1 and up to £1million can be invested overall.

The account also operates under Shariah principles, which means that profit is gained instead of interest. Savers have access to their online account at all times and can easily withdraw all or part of their funds to any nominated account without facing a penalty.

Placing eighth is Ford Money’s Flexible Saver with an AER of 3.1 percent.

This account requires a minimum deposit of £1 to open and interest is calculated daily and paid either monthly or annually, linked to the date the first deposit is received.

Withdrawals can be made online at any time to a nominated account or by transfer to another Ford Money savings account.

Coventry Building Society’s Limited Access Saver (Online) (Issue 8) places ninth, also with an AER of 3.1 percent.

The account can be opened with a minimum deposit of £1 and interest is calculated daily and applied annually or monthly.

As it’s a limited access account, up to six withdrawals can be made without facing a penalty. From the seventh withdrawal onwards (which can include closure), a charge equal to 50 days’ interest will be applied based on the amount being withdrawn.

Finally, Principality Building Society’s Online Double Access (Issue 2) places tenth with an AER of 3.1 percent.

The account can be opened with just £1 and interest is paid annually on January 1. Up to £1million can be invested overall and only two withdrawals are permitted per year.

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