What are easy access savings accounts

Some of the best interest rates available are attached to fixed-rate accounts, which means a person cannot withdraw their money for the duration of the term. While the high interest is a bonus, this type of account is no good for a person who needs to be able to access their savings quickly and easily. Easy access savings accounts offer the account holder flexibility in that they can withdraw funds but usually at the cost of a high interest rate.

Depending on how often you plan to use your account, easy access savings accounts do not necessarily have to mean you put up with a poor interest rate. Simply shopping around and looking for the best deal, could mean the difference between an average and excellent rate of interest. The idea behind any savings account is to save, however, being unable to withdraw your own money without a penalty fee, as with fixed rate accounts,  is frustrating if you need money quickly in times of emergency. Therefore, you need an account which will let you withdraw with no fees applied without losing out too much on the interest.

The West Brom Building Society offers the best of both worlds with its easy access account. Offering an attractive 3.17% APR you are allowed up to four penalty-free withdrawals each year of the agreed time period. This allows for financial emergencies without you losing out on interest. Another of the best easy access savings accounts is offered by the Coventry Building Society. With an APR of 3.15%, they also allow four penalty-free withdrawals a year. The Coventry building society also offer an extra 1.5% potential interest bonus for every year you do not make a withdrawal.

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