Access Savings Account Explained

These are instant access savings account; these types of account are simple bank accounts that gives you easy access to your savings. They allow you to deposit as much money as you like into the bank account. It also enables you to withdraw your savings at anytime whenever you want without paying any fees or charges. Some of these easy access accounts also come with a bank card which can be used to make cash withdrawals from an ATM, over the counter withdrawals in your bank branch as well as transferring money out of your account online.

Advantages

  • Easy access to your savings at any time; You can withdraw cash whenever you like penalty-free.
  • Deposit as much money as you like, whenever you like.
  • A very small deposit is required to initially open the account.
  • You can open most of the accounts with only £1.

Disadvantages

  • Low variable interest rates.
  • You may possibly have to pay tax on interest earned.

Why Choose Easy Access Savings Account?

Easy Access Savings Accounts are safe and flexible, allowing you to build up your savings at your own pace. Because you can withdraw your money at a moment’s notice without incurring any penalties, they’re well-suited to saving for emergency funds. The disadvantage is that you won’t usually earn much interest compared to other types of savings accounts.

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