Instant Access Savings

Instant Access savings accounts are designed to allow your money to earn good rates of interest whilst still remaining immediately accessible. Although Instant Access accounts vary from institution to institution, they all offer immediate access to funds (whether it be via direct transfer or cash withdrawal), good interest rates, and sometimes an electronic card for use with Automated Teller Machines (ATMs). Instant Access savings accounts can be managed online, by telephone, by post or by going into a branch.

Frequently, they offer a 'tiered interest rate reward'. This means the more you save, the greater the interest you receive on your balance (see Interest Rates for more information). Although the interest rate on this type of account can be lower than for other savings accounts, the easy access to funds give an advantage to account holders who wish to invest money whilst having the option to withdraw their cash without giving notice.