Easy access savings accounts

• Save money while enjoying instant access to your cash whenever you need it

• Earn a variable interest rate that can change over time

• Ideal for short-term savings goals - keeping your money flexible and protected up to £120,000 by the FSCS

Not all easy access accounts work the same, so before you open an account be sure to check the details so you know exactly what you're getting.

Here are a few things to bear in mind:

• Intro rates that can drop - Some accounts offer a higher rate at the start as a bonus or introductory offer - then reduce it after a set time

• Limits on withdrawals - You may be able to take money out, but too many withdrawals could lower your rate over time

• Minimum balance rules - You might need to keep a certain amount in the account to earn and keep the advertised rate

• Who can apply - Some accounts or rates are only for new customers or existing customers - check who it's for with the provider if you're unsure

• How interest is paid - Check if interest is paid monthly or yearly, this can impact the value of your savings if you're expecting it one way or the other

• How you manage the account - Some are app-only or online only, which may not suit everyone

• Protection for your money - your savings are usually protected up to £120,000 under the FSCS in the event the provider fails

An easy access savings account is one of the most flexible and low-risk places to save money. That’s because it allows you to withdraw cash you save without facing any penalties.

You’ll still earn interest on your savings, though usually on a variable rate meaning the amount of interest you earn can change at any time.

Easy access doesn't always mean instant or unlimited access though. It's important to check the terms and conditions before applying so you understand any restrictions.

Is it right for me?

This type of savings account is useful if you’re saving for an emergency fund or a short-term savings goal - such as buying a new home appliance or paying for a holiday.

Just remember that the flexibility offered by easy access savings accounts may mean the interest rates are lower than on other types of savings products - so it's worth looking around.

Interest rates on easy access accounts have a variable rate, which means they can go up or down. The rate depends on different factors including the Bank of England's base rate (BBR) - which is currently set at 3.75% - and introductory bonus rates. Here are some other interest rate and payment influences:

• Account type - Some easy access accounts are tracker accounts. This means the interest rate changes in line with the base rate - if it goes down, so does the interest rate. But if the base rate increases, you'll benefit from more interest on your savings.

• Bonus interest - Some providers also offer bonus rates, which normally work for an introductory set period. For example, a bank might offer 4% AER for the first year and then drop to 2% AER after that. Remember to check when the bonus expires so you aren't caught out.

• Savings goals - You may find that some accounts offer different interest rates depending on how much you want to save. This means you might get a higher interest rate for a bigger deposit.

• Interest payment - The interest may be paid at different times depending on the account, with some providers paying it monthly or annually. Check the terms and conditions to understand exactly how your specific easy access savings account works.

Opening a savings account is usually quite straightforward. Here's how to do it:

1. Make sure you're eligible: Each provider has their own eligibility criteria, but to open a savings account for yourself, you usually need to be:

• 16 or older

• a UK resident

2. Fill out an application form - you do this with the bank or provider. Typically, you can do it online, but you may also be able to open an account in a bank branch or by phone.

3. Provide proof of ID and address documents - Usually, a driver's licence and utility bill should suffice. Just make sure the utility bill has your current address.

4. Make the minimum deposit. Typically, most require £1 or more - but some may have no minimum deposit.