Instant Access Savings Accounts

What are instant access savings accounts?

Instant access savings accounts allow you to withdraw funds on demand.

What are the benefits of an instant access savings account?

Instant access savings give you immediate access to your money without having to go through the usual channels associated with standard savings accounts.

It’s a good idea to maintain a financial reserve in an instant access savings account, just in case of emergencies.

What else should I know about Instant Access Savings?

• It’s important to understand how interest is charged and earned, for some accounts you will not earn interest in any month that you make a withdrawal.
• If you have a large lump sum to invest it may be a better idea to invest some in bonds of notice accounts, as you may be able to gain a higher level of interest.
• Remember, even though it is an instant access account, it may still take 3 business days to transfer funds between accounts if they are with different banks.

For more information on which account to choose read our guide to ISA vs standard savings accounts, or our 10 tips to a better savings.

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