High Interest Rates on Instant Access Savings
Good news for savers. Interest rates are going up again. In February 2023 the UK the Bank of England increased the interest rate to 4%.
Instant Access Savings
An instant access savings account is a type of savings account that allows you to withdraw your money at any time without penalty. This type of account is great for those who want to have quick and easy access to their funds, while still earning interest on their savings.
An instant access savings account usually offers a higher interest rate than a traditional current account. While the interest rates for instant access savings accounts are generally lower than those for fixed-term savings accounts, they are still typically higher than the interest rates for most current accounts.
When choosing an instant access savings account, it is important to compare the interest rates and fees charged by different banks or financial institutions.
Some accounts may require a minimum balance or charge fees for withdrawals or transfers, so it is important to read the terms and conditions carefully.
Another consideration when choosing an instant access savings account is the ease of access to your funds. Some accounts may offer online banking or mobile banking services, while others may require a visit a branch or use an ATM to access the money.
Interest rates on savings accounts can change daily. It is important to compare rates on a regular basis.
What are the Highest Instant Access Interest Rates
Currently the highest interest rates on instant access savings accounts are around 3%.
The highest rates are typically not offered by high street banks in the UK, but by niche banks.
Is the Money protected?
It is important to verify if savings at that particular institutions is covered by The Financial Conduct Authority (FCA). Always check if a firm is FCA-authorised.