The best easy access savings accounts in 2020

Best Easy Access Savings Accounts in Autumn 2022

15 September 2022
Reading Time: 8 mins

After years of falling interest rates and near to zero returns on savings, interest rates are finally starting to go up. This is potentially good news for savers, but we are also in a period of record high inflation, a cost of living crisis and energy prices that are taking far too big a chunk out of your income.

However, it is important that you set money aside if you can, for the future and for unforeseen events and emergencies. Ideally, you want to have at least 3 months’ of compulsory spending put by. If you work freelance, are self-employed, or have a fluctuating income, having up to 6 months is more advisable.

There are lots of options out there to get your money to earn more for you, including savings accounts, ISAs and various investments. Investments work well for your long-term financial goals and we do recommend investing if you can. But first, you should make sure you set up an emergency fund. As we’ve seen over the past few years – anything can happen, so make sure you’re protected.

What you really want is for any savings account you open to earn more that the rate of inflation, otherwise you are technically losing money in real terms. But, this just isn’t possible at the moment with inflation rates so high. That doesn’t mean you shouldn’t save though, there are options that are worth looking into – you might just have to think longer-term, if you can.

We’ve done some research to put together some of the best options out there which might be suitable for you. We have summed up the basic need to know facts below, but please click on the links and read all of the terms and conditions really carefully before committing. Also make sure that your account is covered by the FSCS Scheme which protects your savings up to £85,000.

Please note that any savings rates listed are correct at the time of publication. They do change – some on a daily basis – so be sure to check first.

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