An easy access account lets you take money out whenever you want, without notice or a penalty. In return, it usually pays less than an account that ties your money up, and the rate is variable: the bank can change it while you hold the account.
What easy access pays now
In August 2026 the Bank of England’s average instant access rate was 2.07%, which on £5,000 is £103.50 of interest a year. For comparison, the average 1-year fixed rate bond paid 4.04%, the extra you get for locking money away (fixed rate bonds).
The average is a benchmark, not a target: the best easy access accounts pay well above it, and many older accounts pay well below it. With CPI inflation at 3.1% in August 2026, money earning the average easy access rate was losing buying power, which is one reason to move savings you won’t need soon into a better-paying account.
Bonus rates
Some easy access accounts include a bonus in the starting rate that lasts for a set period (the account’s terms say how long), after which the rate falls. The Bank of England’s average was 2.07% including guaranteed bonuses and 1.90% without them, so bonuses add a noticeable part of the headline rates on offer.
When you open an account with a bonus, note the date it ends. Then compare the rate you’ll move to with the current average, and switch if it’s lower: moving easy access money costs nothing but a little time.
Withdrawal limits
“Easy access” doesn’t always mean unlimited access. Some accounts allow only a set number of withdrawals a year, or pay a lower rate for any year in which you go over it; others (sometimes called limited access accounts) are closer to a notice account. If the money is your emergency fund, choose an account with no withdrawal limit, so you can reach it all in one go.
Also check how you withdraw: some accounts pay only into a nominated account, which can take time.
Easy access cash ISAs
An easy access cash ISA works the same way, with the interest tax-free. In August 2026 the average variable rate cash ISA paid 2.01%. Whether that beats a taxable account depends on whether your interest goes over your Personal Savings Allowance.
If your ISA is flexible, you can take money out and put it back in the same tax year without using up more of your allowance; if it isn’t, money you put back counts again. Your provider can tell you whether the ISA is flexible (flexible ISAs).
When to move your money
Check your easy access rate against the average:
- when a bonus period ends
- after a Bank Rate change, since your bank may not change your rate by the same amount
- once or twice a year in any case
If your rate is below the average, switch. If you have money you’re sure you won’t need for a year or more, compare what a fixed rate bond would pay.
Related guides
- Savings accounts guide: the account types, average rates, tax and protection in one place
- How to find the best savings account: the benchmark and checks for any account
- Emergency fund: how much to keep and where
- Notice accounts: a higher variable rate in return for notice before withdrawals