Market leading interest rate (1.25%)
An easy access savings account does what it says on the tin. They’re a nice way to separate your savings from your day-to-day finances, earn some interest and still be able to access the money if you need it.
Even the top-paying easy access savings accounts will hardly beat inflation these days, so don’t expect rates that will make your mouth water (not going to happen). But easy access savings accounts can still make a solid, risk-free way to boost your savings.
They work in a fairly straightforward way. Here’s more or less what your journey with an easy access savings account should look like:
That depends. When it comes to making your savings profitable, you have a scale of options, from the safest to the riskiest The safest are current accounts and easy access savings accounts (your money is safe and you can withdraw it when you need it) followed by notice savings accounts (you can withdraw your money freely but you need to notify your bank in advance) and then fixed-rate bonds (your capital is safe but you can’t access it until the product matures). The riskiest option is an investment (capital is at risk and you may get back less than you invested).
Easy access savings accounts are risk-free, but this also means the returns won’t be stellar. Thus, an easy access savings account is a good choice in the following situations:
Unlike most financial products, easy access savings accounts are not complicated to compare. Yay. Basically, you just need to do the following:
Yes, just double-check that the deal you’re looking at is FSCS-protected (all the savings accounts with major financial institutions will be). The Financial Services Compensation Scheme protects your deposits up to £85,000 and would refund you if something were to happen to your savings account provider.
If you have more than £85,000, it’s better to spread your savings between different accounts to secure full protection.
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If you earn interest from a savings account, you need to pay tax on that interest at the same rate as the rest of your annual taxable income.
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