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Instant Access Savings Accounts

What are Instant Access Savings Accounts?

• Instant access savings accounts (or sight deposits) allow you to save either lump sums or regular amounts without the need to give any notice that you wish to withdraw funds
• An instant access account will allow you get at your funds immediately, eg by way of a passbook which you can use at a high street bank branch, or a cashcard for accessing money from an ATM machine.
• Instant Access accounts operated only over the internet aren’t described as instant access, because withdrawals have to be sent to another account electronically which can take up to 3 days.
  

Who are they Suitable For?

• It’s usually a good idea to have some of your savings immediately accessible to you. Instant access accounts are suitable if you might need to dip into your savings, for example if the money is for emergency expenditure, or for Christmas spending.

What to Look Out For

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Instant access savings accounts are just like other forms of saving so you need to be aware of the following areas:

• Is the interest rate competitive?
• Is there a bonus included in the advertised interest rate?
• Is there a notice period required for withdrawals?

Take a look at our guide on Things to Watch Out For for savings for some more details on these areas.

What to do next

Get a feel for the Key Factors to Consider when choosing a savings plan, so you can go in knowing what you’re looking for.

Then compare instant access savings accounts to find the best deals around with our best buy tables or product searches.

Moneyfacts.co.uk has also put together a range of savings guides if you are looking around for other types of savings plan.