Instant Access Savings Accounts - Should I Have One?

If you have some extra cash left over after all your life expenses and are looking to save that money but still want or need instant access to those savings, then a good solution is to put the money into an instant access savings account. This will usually give you more interest than a current account (and of course your savings jar) and you will still have easy access to your savings.

You need to be aware that a lot of these types of accounts have a daily limit on the amount of cash you can withdraw on any one day. You don't need much money to open an instant access savings account (as little as £10) and the rate of interest you get will usually depend on the amount you have put into the account, the more you have, the higher the interest rate. The interest itself can be added to your account daily, monthly, quarterly or annually and it is better to choose one that adds your interest daily if possible as this means you get slightly more interest overall.