What is the best easy-access account for me?

6 February 2019


We were due to move in October but everything fell through. I remortgaged my flat in readiness and released £80,000 for the purchase. This is now in a savings account making very little as I may need pretty quick access to it should the move kick off again. Where is the best place to put it?



As you are not sure when you’ll need the money, but when you do it could be at very short notice, you really need to keep the money in an easy-access savings account.

The good news is that competition has been rife in the easy-access market, and rates have increased over the past few months.

At the time of writing, the best rate is with Marcus by Goldman Sachs. Its online savings account is paying 1.5% AER and, even better, it pays withdrawals via the Faster Payment system, which means that your funds should be returned to your current account within hours, if not minutes. At the very worst it should be by the end of the following day.

The other product you could consider for up to £50,000 worth of savings is National Savings & Investments Premium Bonds. Rather than earning interest, the Bonds you buy are entered into a monthly prize draw, in which you could win prizes of between £25 and £1 million. You need to have your money deposited for a full month before you can take part in the first draw and you may not win any prizes – but you never know, you could just win £1 million.

AccountInterest rateNotes
Marcus by Goldman Sachs1.5% (includes 0.15% 12-month bonus)£1 min deposit, online-only account
Virgin Money1.5%£1 minimum deposit, maximum two withdrawals a year, online-only account
The West Brom1.5%£1,000 minimum deposit, maximum two withdrawals a year, managed by phone or post

Source: Moneywise.co.uk, January 2019