Instant Access Savings Account

An instant access savings account is ideal if you are saving up for a possible emergency, where you are likely to need funds within a day. Unlike other types of savings account, you are not charged a penalty for withdrawing money from the account. The downside to an instant access savings account is that you are likely to earn a lower rate of interest than you would if you committed to locking your money away for a set period of time.

Instant Access Savings Accounts can be managed in a number of ways, over the phone, on the Internet, by telephone or in-branch, making them an extremely flexible way to save. Depending on the provider, you may be given a cash card which will enable you to withdraw your savings via a cash machine. When you open an instant access savings account, you may find that you are offered an introductory rate of interest, which decreases when you have had the account for a set period of time. Since the instant access savings account does not usually offer the most competitive interest rates in the first place, it is worth keeping an eye on other accounts in the market to ensure you are always getting the best return on your money.

Find a great rate on an Instant Access Savings Account today!

Tips for getting the most from your Savings Account

• Pay off your existing debts first.  There is no point getting a good deal on your savings account interest rate if you are being charged each month for a credit card or overdraft.  Get your debts cleared, and then you know that any interest you earn is yours to keep.
• If you are paying a set amount into a savings account from your wages each month, make sure that you set the payment to leave your current account as soon as you have been paid. This way you will find it easier to manage your finances for the rest of the month, as you will know exactly how much you have left to spend.
• Find out how long you need to 'lock away' your money for, and if there is a minimum monthly deposit to qualify for the best rates.  If the conditions are too restrictive, this counteracts the benefits of a good interest rate on your savings.