A savings account that lets you take your money out whenever you want, with no penalties.
Easy Access Savings
A savings account that lets you take your money out whenever you want, with no penalties.
By Scrimpr
Updated 18 Jan 2026 What is an easy access savings account?
An easy access savings account lets you withdraw your money at any time without penalty. You can take out as much as you want, as often as you want.
What’s the trade-off?
The interest rate (the percentage a bank pays you for keeping money with them) is usually lower than other savings accounts. You get flexibility, but you earn less.
The rate can also change at any time. The bank might cut it after you’ve opened the account. This is called a variable rate.
How much interest will you earn?
Rates change, but easy access accounts typically pay less than fixed-rate accounts (where your money is locked away) or notice accounts (where you tell the bank before withdrawing). Check the AER (Annual Equivalent Rate) to compare. This tells you what you’d earn over a full year, including compound interest.
When should you use one?
For money you might need at short notice. Your emergency fund (money set aside for unexpected costs) belongs here. So does cash you’re saving for something in the next few months.
If you won’t need the money for a year or more, you could earn more with a fixed-rate account instead.
Scrimpr tracks savings rates daily across UK banks and building societies.
Compare Savings Rates →Key points about easy access savings
- Withdraw anytime with no penalties or waiting
- Lower interest rates than fixed or notice accounts
- Rate can change. The bank can raise or lower it anytime
- Good for emergency funds and short-term savings
More information
Scrimpr links to official sources so you can verify what you’ve learned.
