An instant access savings account is a type of savings account that pays interest, while also giving you the flexibility to withdraw money from it as and when you please.
Other types of savings accounts, such as a fixed or notice, can make it difficult for people to withdraw money and involve monthly payments. An instant access savings account doesn’t do this, which is why savers who are looking for a more flexible option tend to go for these. The interest rate is usually lower than for other savings accounts, but this is because you’re paying to have the freedom to access your money.
Read more: The best ways to save your money
Trying to navigate the best instant access savings account can be a bit of a minefield, as there’s so many out there. Here, we round up the best ones to help you get more out of your money.
Is an instant access savings account for you?
If you have some spare cash just sitting in your bank account, an instant access savings account could help you earn a better return, allow you to save money at your own pace and allow you to withdraw money whenever you want.
However, the downside to an instant access savings account can be just that, you can have access to your money as and when you please (preventing you from saving your pennies) and the interest rates are usually a lot lower than other types of savings accounts.
The best instant access savings accounts for over 50s
[The Family Building Society](https://www.familybuildingsociety.co.uk/savings/easy-access-savings/product-detail/premium-saver-){href='https://www.familybuildingsociety.co.uk/savings/easy-access-savings/product-detail/premium-saver-(5)' target='_blank' rel='noopener noreferrer'}
Annual interest: 0.72%
Account rate type: variable
Unlimited withdrawals? Yes
Minimum opening amount: £1,000
How to open: online
Maximum Financial Services Compensation Scheme protection: £85,000
Shawbrook Bank
Annual interest: 0.67%
Account rate type: variable
Unlimited withdrawals? Yes
Minimum opening amount: £1,000
How to open: online
Maximum Financial Services Compensation Scheme protection: £85,000
Paragon Bank
Annual interest: 0.65%
Account rate type: variable up to 3 withdrawals
Unlimited withdrawals? No, up to 3 free withdrawals, four withdrawal will lower your interest rate to 0.25%
Minimum opening amount: £1
How to open: online
Maximum Financial Services Compensation Scheme protection: £85,000
Marcus
Annual interest: 0.6%
Account rate type: variable
Unlimited withdrawals? Yes
Minimum opening amount: £1
How to open: online
Maximum Financial Services Compensation Scheme protection: £85,000
Chip
Annual interest: 0.7%
Account rate type: variable
Unlimited withdrawals? Yes
Minimum opening amount: £1
How to open: app
Maximum Financial Services Compensation Scheme protection: £85,000
Raisin
Annual interest: 0.61% (with a welcome bonus of £50 for some)
Account rate type: variable
Unlimited withdrawals? Yes
Minimum opening amount: £1,000
How to open: online
Maximum Financial Services Compensation Scheme protection: £85,000
How to open an instant or easy access savings account
Instant access savings accounts can be opened directly with a bank or building society either online, over the telephone, via an app or going into the branch directly.