What is an easy access savings account?

An easy access (or instant access) account is a type of savings account with minimal restrictions, so you can reach your money as and when you need to. While the interest rate applicable is generally lower than some savings accounts, easy access savings accounts can be more flexible.

Types of easy access savings accounts

Here at Nottingham Building Society we offer a variety of different easy access savings accounts, including regular savers and children's savings account.

The benefits of an easy access savings account

While many savings accounts (like fixed term bonds) require you to deposit your money for a set amount of time, easy access savers make it easier for you to get to your money when you need it, without incurring penalties.

When the money in your account earns interest, you won’t be taxed on it providing it falls within your Personal Savings Allowance. If you earn over your Personal Savings Allowance however, it’s up to you to declare this directly to HMRC. Bonuses are still up for grabs on several of our easy access savings accounts although this might mean capping the number of withdrawals you make per year.

Things to consider before opening your account

The rate of interest your money earns in an easy access savings account is variable, so it can fluctuate according to rates in the wider economy. Although you can make withdrawals as often as you’d like with each of our easy access accounts, bonus payments are conditional on a maximum of two withdrawals per year.

How much can I save in an easy access account?

The amount you can save in an easy access account will depend on the type of easy access account it is. Some of our easy access savings accounts allow you to deposit up to £500 per calendar month. Other easy access accounts will allow you to save up to £750,000.

How often can you withdraw money?

You can make as many withdrawals as you’d like when it comes to easy access savings accounts. However, if your account has a payable bonus, your withdrawals could be limited per calendar year.

Is my money safe in an easy access account?

Yes, your money is safe in one of our regular savings accounts. The Financial Services Compensation Scheme (FSCS) is there to protect your money if your financial services provider goes out of business; you’ll normally get your money back within seven days. All of our savings accounts are FSCS protected up to £85,000 per depositor. FSCS is funded by the financial services industry, and is free to consumers.

When is interest paid on easy access accounts?

The date interest is paid depends which of our easy access savings accounts you go for and interest on our savings accounts are paid annually.