Immediate access to your cash whenever you need it
You don’t need to give any notice or pay a penalty
- Instant access – immediate cash withdrawal via a branch or cashpoint.
- No-notice account – with internet/telephone accounts, in practice it can take a few days to get your money.
🙂 A good option for emergency funds, so you can get at them quickly in a crisis.
The Money Advice Service recommends having about 3 months’ essential outgoings readily available in an Easy Access savings account.
🙁 But watch out for restrictions on the number of withdrawals you can make.
🙂 Save at your own pace – as little or as much as you want each month.
Interest rates on Easy Access accounts
😥 The tradeoff for accessibility is interest rates tend to be relatively low (the best rates are generally on internet accounts).
Some accounts offer tiered rates – the higher your balance, the better the interest rate.
If you have some spare cash, but don’t want to lock your money away for a fixed period, an Easy Access account may give a slightly better return than your current account – but do check, because some bank accounts offer very competitive rates.
However, if you don’t need access to your money for a while, you could probably earn more from fixed term savings.
Easy Access accounts have variable interest rates, so monitor regularly and consider switching if they become uncompetitive.
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