Easy Access Accounts

Easy Access Accounts offer immediate access to your money without penalty.

Because you do not need to give any notice before making a withdrawal, the interest rates offered by these accounts are often lower than accounts where a notice period is required. Different providers offer bonus and incentive schemes offering a higher interest rate but this is often related to the number of withdrawals you can make or the amount you can deposit.

Easy Access Accounts can be opened with as little as £1 which makes them attractive to people who are just beginning to save but need the flexibility to access their money if required.

Advantages

• Immediate access to your money
• No notice required
• Small deposit required to open an account
• If Bank of England base rate increases - interest paid on the account may increase

Disadvantages

• Interest rates are not as high as some other accounts
• If Bank of England base rate decreases - interest paid on the account may decrease