Martin Lewis best easy access savings: expert tips and top recommendations
Looking for the martin lewis best easy access savings options? Martin Lewis, founder of MoneySavingExpert, consistently highlights accounts offering flexibility and competitive rates without lock-in periods. In 2025, top picks include rates up to 4.75% AER, helping UK savers beat inflation while maintaining instant access to funds. This guide draws on his expert advice to recommend the best easy access savings accounts, explain key features, and share tips to maximise your returns.
What are easy access savings accounts?
Easy access savings accounts allow you to deposit and withdraw money at any time without notice or penalty, making them ideal for emergency funds or short-term saving. They typically offer variable interest rates, calculated daily or monthly and paid annually (AER stands for annual equivalent rate, showing the true return including compounding). Unlike fixed-rate bonds, these accounts provide liquidity, though rates can fluctuate with the Bank of England base rate.
Definition and benefits
The core benefit is flexibility: you can move money in and out freely, perfect for unpredictable expenses. Martin Lewis often recommends them for the first £20,000 of savings due to their balance of accessibility and decent yields. In the UK, they are protected by the FSCS up to £85,000 per person per institution, ensuring safety for most savers.
How they differ from fixed rates
Fixed-rate savings lock your money for a set period in exchange for guaranteed interest, suiting those who won’t need the cash soon. Easy access options, however, prioritise availability over higher potential rates—current top easy access savings hit 4.75% AER, compared to fixed rates around 4.55%. Choose easy access if you value freedom over a slight rate edge.
UK tax rules (PSA)
The personal savings allowance (PSA) lets basic-rate taxpayers earn £1,000 tax-free interest yearly, higher-rate £500, and additional-rate none. Easy access interest counts towards this, so track your total across accounts. For tax-free saving, consider a cash ISA as an alternative, with easy access versions offering up to 4.50% AER.
Martin Lewis’ top easy access savings picks
Martin Lewis’ best easy access savings recommendations focus on high rates from reputable providers, often via MoneySavingExpert updates. As of October 2025, the standout is 4.75% AER from accounts like those from Chip and Plum, far above the UK average of 3.15%. For existing Chase customers, a boosted 4.8% rate is available for six months—check eligibility in the app.
Highest rates (4.75%+)
The martin lewis best easy access savings accounts for maximum yield include digital providers with no minimum deposit. These variable-rate options adjust with market changes but currently outperform high-street banks. Always verify the latest from MoneySavingExpert’s best savings accounts guide.
| Account Name | AER (%) | Minimum Deposit | Provider | Eligibility Notes |
|---|---|---|---|---|
| Chip Easy Access Saver | 4.75 | £1 | Chip | Open to all UK residents |
| Plum Easy Access | 4.75 | £0 | Plum | App-based; no fees |
| Chase Boosted Saver | 4.80 | £1 | Chase Bank | Existing customers only; 6-month limit |
| Nationwide Flex Account | 3.50 | £1 | Nationwide | Branch or online access |
Best for beginners
For newcomers, martin lewis best savings account easy access picks emphasise simplicity and FSCS protection. Start with app-based options like Plum, which automate round-ups for effortless saving. They suit those building an emergency fund, with rates competitive against the market average.
App-based options
Martin Lewis praises digital banks for higher rates due to low overheads. Accounts from Chase or Chip offer seamless transfers via apps, often with budgeting tools. These best easy access savings martin lewis endorses provide up to 4.75% AER without branches.
How to choose the best account
Select based on your savings amount, access needs, and tax status—aim for at least 4% AER to outpace inflation. Compare via independent sites and consider switching for better rates, as martin lewis best easy access savings uk options change frequently. Prioritise FSCS-covered providers for peace of mind.
Factors to consider
- Interest rate: Target top AER like 4.75%.
- Minimum deposit and withdrawal limits: Most easy access have none, but check.
- Bonus periods: Short-term boosts, e.g., Chase’s 4.8%.
Safety and FSCS protection
All recommended accounts are FSCS-protected up to £85,000, a government-backed scheme covering bank failures. Spread savings across institutions if over this limit. For details, visit the Financial Services Compensation Scheme site.
Switching tips
Switching is simple: open the new account, transfer funds, then close the old one. Use comparison tools for the best easy access savings accounts updated daily. Martin Lewis advises acting quickly as rates can drop.
Alternatives to easy access savings
If easy access doesn’t fit, explore cash ISAs for tax-free growth or premium bonds for prize-based returns. Fixed-rate bonds offer stability but less flexibility. Martin Lewis suggests easy access as a starter, then layering with ISAs for larger pots.
Cash ISAs overview
Easy access cash ISAs allow withdrawals with tax-free interest up to £20,000 annually. Top rates reach 4.50% AER, slightly below non-ISA options but ideal for higher earners. See MoneySavingExpert’s savings hub for comparisons without cannibalising deeper ISA guides.
Premium bonds comparison
Premium bonds from NS&I offer no interest but tax-free prizes, with odds of 22,000:1 for £25 prizes. They’re low-risk but average returns lag top easy access rates (around 4.65% equivalent). Suited for small, fun savings rather than growth.
Fixed rate bonds brief
These guarantee rates like 4.55% for one year but penalise early withdrawals. Better for committed savers; compare via This is Money’s savings rates.
Common mistakes to avoid
Don’t ignore rate drops—switch promptly to maintain high yields. Failing to diversify risks exceeding FSCS limits or tax allowances. Martin Lewis warns against complacency; actively manage for the best easy access savings accounts.
Inflation impact
With UK inflation at 2.2% in 2025, aim for rates above this to grow real wealth. Easy access at 4.75% beats it, unlike averages at 3.15%. Track via Bank of England data.
Rate changes
Variable rates follow base rate cuts; monitor Bank of England updates. Lock in bonuses early to avoid drops.
Multiple accounts strategy
Yes, open several to maximise PSA and protection—up to £85,000 per bank. This spreads risk and accesses top rates per provider.
Note: This is general guidance based on Martin Lewis insights, not personalised advice. Rates vary; verify current figures and consult a professional. For broader strategies, explore our best easy access savings pillar. Compare top options in our best easy access savings account guide and best easy access savings rates article.
Frequently asked questions
What is the best easy access savings account UK?
The best easy access savings account UK right now offers 4.75% AER from providers like Chip or Plum, as recommended by Martin Lewis on MoneySavingExpert. These accounts have low or no minimum deposits and full FSCS protection, making them accessible for most savers. Beginners should check eligibility and app requirements, while comparing against averages ensures you avoid subpar options like high-street rates below 3%.
How does Martin Lewis recommend choosing savings accounts?
Martin Lewis advises prioritising AER above inflation, FSCS safety, and flexibility for easy access needs, via his MoneySavingExpert platform. He suggests using comparison tables and switching regularly to capture bonuses, like Chase’s 4.8%. For experts, he emphasises tax planning with PSA in mind, avoiding over-reliance on one institution to maximise protection up to £170,000 for couples.
Are easy access savings accounts safe?
Yes, easy access savings accounts from UK-regulated banks are safe, protected by the FSCS up to £85,000 per person per provider against failure. Martin Lewis stresses choosing authorised institutions to ensure this coverage applies. Risks include rate variability, but no capital loss if FSCS-backed—always verify via the official site for multi-account strategies.
What is the current best interest rate for easy access savings?
As of October 2025, the current best interest rate for easy access savings is 4.75% AER, with Chase offering 4.8% to eligible customers for six months. These rates, highlighted by Martin Lewis, outperform the 3.15% average and help beat inflation. Rates can change daily, so check MoneySavingExpert for updates and consider your deposit size for optimal choice.
Can I open multiple easy access savings accounts?
Absolutely, opening multiple easy access savings accounts allows you to spread funds for better rates, full FSCS coverage, and PSA optimisation. Martin Lewis recommends this for larger savers, up to £85,000 per bank. Beginners should start with two or three trusted providers, while experts track total interest to stay tax-free—it’s a simple way to enhance returns without complexity.
What is AER and why does it matter for martin lewis best easy access savings?
AER (annual equivalent rate) shows the true yearly return on savings, including compounding effects, making it essential for comparing martin lewis best easy access savings options. Unlike gross rates, AER helps spot the highest yields, like 4.75% from top picks. It ensures fair apples-to-apples evaluation, as Lewis advises, preventing underestimation of growth on variable accounts.
Is Martin Lewis’ advice still relevant in 2025?
Martin Lewis’ advice remains highly relevant in 2025, with his MoneySavingExpert site providing up-to-date rates like 4.75% for easy access savings amid economic shifts. His focus on consumer empowerment, tax allowances, and switching beats static bank offerings. For advanced users, his strategies on diversification and inflation-beating persist, backed by ongoing Bank of England influences.
