What is an instant access savings account?
An instant access account is a type of savings account with minimal restrictions, so you can reach your money as and when you need to. While the interest rate applicable is generally lower than some savings accounts, instant access savings accounts can be more flexible.
Types of instant access savings accounts
The benefits of an instant access savings account
While many savings accounts (like fixed term bonds) require you to deposit your money for a set amount of time, instant access savers make it easier for you to get to your money when you need it, without incurring penalties.
When the money in your account earns interest, you won’t be taxed on it providing it falls within your Personal Savings Allowance. If you earn over your Personal Savings Allowance however, it’s up to you to declare this directly to HMRC. Bonuses are still up for grabs on several of our instant access savings accounts although this might mean capping the number of withdrawals you make per year.
Things to consider before opening your account
The rate of interest your money earns in an instant access savings account is variable, so it can fluctuate according to rates in the wider economy. Although you can make withdrawals as often as you’d like with each of our instant access accounts, bonus payments are conditional on a maximum of two withdrawals per year.
Instant access saving account FAQs
How much can I save in an instant access account?
The amount you can save in an instant access account will depend on the type of instant access account it is. Some of our instant access savings accounts allow you to deposit up to £500 per calendar month. Other instant access accounts will allow you to save up to £750,000.
How often can you withdraw money?
You can make as many withdrawals as you’d like when it comes to instant access savings accounts. However, if your account has a payable bonus, your withdrawals could be limited per calendar year.
Is my money safe in an instant access account?
Yes, your money is safe in one of our regular savings accounts. The Financial Services Compensation Scheme (FSCS) is there to protect your money if your financial services provider goes out of business; you’ll normally get your money back within seven days. All of our savings accounts are FSCS protected up to £85,000 per depositor. FSCS is funded by the financial services industry, and is free to consumers.
When is interest paid on instant access accounts?
The date interest is paid depends which of our instant access savings accounts you go for and interest on our savings accounts are paid annually.