Best Easy Access Savings Accounts in Winter 2023

Nicola Kelly 31st Oct 2023 7 Comments

Reading Time: 6 minutes

It’s a big ask to put money into savings what with the cost of living crisis and energy prices, despite being lowered next month, taking a big chunk out of your income.

In an ideal world you’d have three months of compulsory spending stashed away for a rainy day – those unforeseen events and emergencies that like making a surprise dent in your dosh.

The Bank of England has held the base rate of interest at 5.25% this month (Sept) after 14 rises on the trot, to try and curb inflation.

After a decade of paltry rates, savers now have choice if they want to get more from their money.

A lot depends on how quickly you might need access to your cash as to whether you put it into savings accounts, ISAs or a variety of investments.

A savings account simply allows you to earn interest on money you put in. Interest is tax free and most people won’t pay any tax on it at all. Basic rate tax payers can earn £1000 per year and higher rate taxpayers £500.

We’ve done our research to put together some of the best options out there, but click on the links and read all of the terms and conditions really carefully before committing, because everyone’s needs are different.

Also make sure that your account is covered by the FSCS Scheme which protects your savings up to £85,000.

Best Easy-Access Accounts:

Like the name suggests, you can save, get interest and withdraw money whenever you want, but the rates are variable and because they can go up or down, check regularly what providers are offering so you get the best deal.

Leeds Building Society pay the top rate in this category at 5.1% (Min £1,000) and you can take out money as often as you need. But it will mature on December 1 2024 so you’ll then need to transfer your deposit to a different account or it will be moved into a maturity account which usually pays a very low interest rate.

Those without maturity dates do have variable interest rates and in this financial climate, who knows how the rate might change in a couple of years.

Paragon Bank, offer interest rates of 5.05% on deposits between £1,000 and £500,000 with a maximum of two withdrawals per year, but the rate would drop to 1.5% from the third onwards.

Secure Trust Bank, are slightly lower at 5.03% for deposits between £1000 and £85000 with interest being paid monthly.

Monument Bank, also pay 5.03% monthly for deposits between £25,000 and £400,000.

Shawbrook Bank, pay 5.02%either monthly or annually on savings between £1000 and £85000. There is a minimum of £500 per withdrawal and requests for money must be received by 2.30pm to get funds on the next working day.

Kent Reliance, accept deposits from £1000 to £1 million and pay 5.01% interest monthly or annually.

Post Office, accept savings from £1 to £2 million with their 4.7% interest account.
Ford Money, offer a flexible saver with 4.95% variable interest yearly, 4.84% monthly. You need a minimum of £1and withdrawals are permitted.

If you are a Santander Edge current account holder or even plan to open one you can earn 7% on up to £4,000 and have unlimited withdrawals. The account does have a £3 per month fee so look into it carefully before deciding.

There’s also the Barclays Rainy Day Saver, which pays 5.12% on deposits of £1 to £5,000 but is for Barclays Blue Reward customers only. There is a savings goal app to help you track your progress.

Regular Savings Accounts:

These tend to offer better interest rates but you do have to commit to saving a minimum amount every month. You also have to hold another product from the same provider, more often than not, a current account. The idea being that you can fund the regular saver by a standing order from the linked account.

Nationwide Flex Regular Saver, Interest rate is 8%, variable for one year with a maximum £200 a month deposit. You are allowed three penalty free withdrawals a year and you can skip months if you are finding times are tough.

Skipton Building Society, they are offering a one year fixed rate of 7.5% but you have to have been a member since before May 31, 2023. You can save up to £250 a month and skip months if needed. You can’t withdraw part of your balance but you can close your account at anytime and withdraw the full balance.

First Direct, have 7% fixed for one year with a maximum £300 a month deposit with a minimum £25 a month deposit required. You will face penalties if you withdraw money or close the account early. So you need to be sure you won’t want to take the cash out.

Yorkshire Building Society, also offer 7% although it is variable for one year. You can save a maximum of £500 per month and you are allowed one withdrawal without penalties.

Natwest/RBS Interest Rate: 6.17% variable on up to £5,000 with a maximum £150 a month deposit. Penalty free withdrawal.

Fixed Notice Savings Accounts:

With these accounts you have to give notice when you want to access your money. That period can vary from 30 days up to 120 days, although beware and read the small print because some accounts require notice of 6 months to a year so don’t be caught out.

These offer rates above the easy access and do stop impulsive withdrawals

Our choices are Cynergy Bank, which offers a relatively high rate of 5.55% (AER variable) with 120 days notice. You can deposit between £500 and £1 million. If you give 95 days notice the interest rate falls to 5.5%.
Monument Bank offers 5.26% for deposits between £25,000 and £400,000 with 60 days notice or 5.15% with 35 days notice. Interest is paid monthly.
West Brom Building Society, offers 5.25% on a 60 day notice account for deposits of between £1 and £1 million.

If you are a low-income worker then you can still save with a government scheme which offers a 50% savings bonus – called Help To Save –check out our detailed guide here.

It gives earners claiming universal credit or working tax credit a chance to save between £1 and £50 a month but you don’t have to save every month. At the end of 2 and 4 years, you’re paid a 50% bonus up to a maximum £1200. It is easy to access and you can make withdrawals when you need them. To qualify you need to be a UK resident.

One last option

Finally, there is one savings account we like that does keep up with inflation although it doesn’t give you interest. Tallymoney, www.tallymoney.com It keeps your money in line with inflation by basing the whole account on gold. Historically gold has generally kept up with, and sometimes even outstripped, inflation, so money that is held in gold is more likely to hold its value and keep up with the rising cost of living than pounds and pence.

With Tallymoney you transfer cash into the account then get a card to use in shops to buy anything from a coffee to a car – whatever you’d normally buy with a credit or debit card.

It’s great to use abroad too as there’s no foreign exchange charge – you’re just paying with gold even if it’s in dollars or euros or yen at the time.

The account does charge a fee – 0.9% a year – and there’s a small charge to set up the account at the start (£19) but other than that it is a solid alternative to savings accounts in banks, and better for keeping up with inflation.