Easy Access vs Instant Access Savings Accounts: What’s the Difference?

If you’re looking for the best savings account to grow your money while keeping it accessible, you’ve probably come across both easy access savings accounts and instant access savings accounts. At first glance, they sound the same, but there are a few subtle differences worth knowing before you decide which is right for you. 

Below, we’ll break down how these two types of savings accounts work, how they compare, and which might best suit your goals. 

What is an Easy Access Savings Account? 

An easy access savings account lets you withdraw your money whenever you need it, usually without fees or penalties. It’s designed for savers who want flexibility but still want to earn interest on their balance. 

You can deposit and withdraw funds when you like, though some providers may limit the number of withdrawals per year to maintain a slightly higher interest rate. In short, it offers a balance between earnings and accessibility. 

Key features of an easy access savings account: 

• Earns variable interest on your balance.
• Withdrawals typically processed the same day or next working day.
• No fixed term. Save as long as you like.
• Ideal for building an emergency fund or short-term savings pot. 
   

At Zero, our new Planet Safe Saver Easy Access Savings Account lets you earn while knowing your money isn’t used to support fossil fuels and other environmentally harmful industries. There’s also no limit on the number of withdrawals, penalties, or hidden fees.  

What is an Instant Access Savings Account? 

An instant access savings account is very similar, but as the name suggests, it prioritises speed above all else. You can withdraw your money instantly (typically within seconds). 

These accounts are perfect for people who want total liquidity with the ability to access their funds at a moment’s notice. The trade-off is that interest rates can sometimes be slightly lower than those offered on easy access savings. 

Key features of an instant access savings account: 

• Money is available immediately, 24/7. 
• It usually offers a variable interest rate. 
• Convenient for linking directly to your current account. 
• Best suited for everyday savers who need quick access to their cash. 

The Best Savings Account for You? 

The best savings account depends on how you plan to use it. 

• For flexibility and a better rate: choose an easy access savings account.  
• For speed and convenience: go for an instant access savings account. 
   

If you’re saving for upcoming expenses, a rainy day, or just want your money to work harder without locking it away, easy access could offer the perfect middle ground. 

At Zero, our Planet Safe Saver Easy Access Savings Account combines flexibility, a highly competitive interest rate, and planet-positive principles so you can save smart and sustainably. 

Frequently Asked Questions 

1. Is an easy access savings account the same as an instant access savings account? 
Not quite. Both offer flexible access to your money, but instant access typically allows immediate withdrawals, while easy access may take up to a working day. 

2. Do easy access savings accounts have withdrawal limits? 
Some do; to maintain higher interest rates, certain providers may restrict the number of withdrawals you can make each year. Always check the terms before opening an account.  

3. Which pays more interest, easy access or instant access? 
Rates vary across providers, but easy access savings accounts generally often offer slightly higher returns because funds aren’t withdrawn as frequently. 

4. Is an easy access savings account safe? 
Yes, if it’s provided by a regulated bank or institution, your money is typically protected up to £85,000 under the FSCS (Financial Services Compensation Scheme). 

5. How do I find the best savings account? 
Compare interest rates, withdrawal rules, and the provider’s reputation. Look for accounts that balance flexibility with competitive returns and, if you care about impact, ones that invest your money responsibly. 

Final Thoughts 

If you’re looking for the best savings account for you and deciding between easy access or instant access, then both offer freedom and flexibility, making them popular for everyday savers. The main difference lies in how quickly you can withdraw your funds and how much interest you can earn.