Best easy access savings accounts let you save money and still use it when you need it. Whether you’re saving for a trip, emergency fund or just want to earn interest, this guide will help you find the right account for 2024 and 2025.
What Are Easy Access Savings Accounts?
Easy access savings accounts are bank accounts where you can save money and earn interest. The “easy access” part means you can take your money out anytime without penalties. These accounts are perfect if you want to grow your savings but still need to use the money for emergencies or surprises.
Why Choose Easy Access Savings?
Most people pick easy access savings because they’re flexible. You don’t have to lock your money away for months or years like with fixed-term accounts. In 2024-2025, these accounts are still popular because they balance safety, interest and convenience.
How to Find the Best Easy Access Savings Accounts
Here’s how to pick the right account for your needs:
1. Compare Interest Rates
The best easy access savings accounts offer high interest rates. For example, in 2024, some online banks like Marcus by Goldman Sachs or Ally Bank pay over 4% interest. Check websites like MoneySavingExpert or Bankrate to compare rates.
2. Check Fees and Rules
Some banks charge monthly fees or require a minimum deposit. Avoid accounts with hidden fees. Look for ones that let you start with $1 or less.
3. Look for Bonus Offers
In 2025, banks might offer cash bonuses for opening a new account. For example, Chase UK gave new customers £100 in 2023. Always read the terms to see if you qualify.
4. Use Online Banks
Online banks often pay higher interest because they don’t have physical branches. Banks like Chime or Revolut are good examples.
5. Check Safety
Make sure your bank is insured. In the U.S., look for FDIC insurance. In the U.K., check for FSCS protection. This keeps your money safe if the bank has problems.
Mistakes to Avoid
- Ignoring small fees: Even a $5 monthly fee can eat into your savings.
- Forgetting to check rates: Banks change their rates often. Review your account yearly.
- Keeping too much cash at home: Money in a savings account earns interest and is safer than under your bed.
Best Easy Access Savings Options for 2024-2025
- Marcus by Goldman Sachs: Offers no fees and competitive rates (around 4.25% in 2024).
- Ally Bank: Known for great customer service and easy-to-use apps.
- Local Credit Unions: Some offer higher rates to members. For example, Navy Federal Credit Union had 3.75% in early 2024.
- Digital Banks: Revolut and Monzo have “savings pots” with instant access and interest.
Future Trends in Savings
In 2025, more banks might offer “green savings accounts.” These let you earn interest while supporting eco-friendly projects. Also, AI tools could help track your savings goals automatically.
Tips to Maximize Your Savings
- Set up automatic transfers: Move $50 or $100 from your checking account to savings every month.
- Use rounding apps: Apps like Acorns round up your purchases and save the spare change.
- Review your account every 6 months: Switch to a better rate if your bank isn’t competitive.
FAQs
What is an easy access savings account?
It’s a bank account where you earn interest and can withdraw money anytime without fees.
Are easy access savings accounts safe?
Yes, if the bank is insured (like FDIC in the U.S. or FSCS in the U.K.).
Can I lose money in these accounts?
No, your money is safe unless the bank fails (which is rare). Insurance protects up to $250,000 in the U.S.
