Is an Easy Access account for you?

Easy Access accounts represent one of the most flexible financial products available to UK savers, offering access to funds without penalties. This makes them ideal for emergency funds, short-term savings goals, or sudden opportunities requiring immediate funding.

The convenience factor cannot be overstated

Unlike Fixed-term Bonds or Notice accounts, Easy Access accounts don't lock your money away for predetermined periods. You maintain complete control over your savings, making deposits and withdrawals as needed without restriction. You can even close your account at any time, without the need to give notice.

A lot of savings providers will also offer monthly interest, which can help pay regular bills or simply supplement your earnings. And to keep your savings topped up, there’s the option of setting up monthly standing orders.

However, several important considerations merit attention

Interest rates on Easy Access accounts can include introductory bonuses that expire after specific periods – typically six to twelve months. After the bonus period ends, rates often drop significantly. This requires active management, regularly reviewing and potentially switching accounts to maintain competitive returns.

Variable interest rates mean your rate can drop – particularly when the Bank of England base rate falls. However, your savings provider must notify you if this happens, giving you the opportunity to shop around should you wish.

Unlike Fixed-rate products, your returns aren't guaranteed, creating uncertainty about future earnings.

It’s also worth noting that, in exchange for being able to access your savings whenever you like, you’ll usually have a slightly lower interest rate than what is typically offered by Fixed-rate accounts.

The choice is yours

It really does depend on your Savings goals and what you think would work best for you. Remember to always shop around for the best deal to suit you.

Charter Savings Bank currently offers an Easy Access account and you can start saving from as little as £1.