Instant access savings accounts give you the bennefit of of getting a high interest rate while also allowing you access to your money when you wish without having any charges or penalties for withdrawing your money.

Although instant access accounts tend to offer slightly lower interest rates when compared to a fixed term or notice accounts, they will still offer you a higher rate than if you was to keep it in a current account. Additionally, many providers now offer tiered interest rates on their instant access accounts, these are designed as an incentive because the more you save the more interest you'll earn.

Most instant access savings accounts can now be kept open with a minimum balance of just £1 so even a if you are just a begginer, these accounts can are very easy to use. Interest will normally be paid annually, normally on the date you opened the account. Some providers give you the option to take interest payments on a monthly basis, although this may be subject to a slight reduction in the rate of interest paid.

The flexibility with the money that can be accessed is a definite benefit of instant access accounts as money is available when you need it. Conversely however, this easy access feature may also offer the temptation to spend. So after building up a reasonable amount in an instant access account it may be worth looking to investing some of the money in a longer term account so that your savings can earn a higher rate of interest.