Easy access accounts provide access to your savings instantly or within a few days without a penalty. This type of account gives you instant access to your cash and are particularly useful if you may need to get hold of your money at short notice, making them particularly suitable as an emergency fund, providing easy access, a way to start saving and some accounts offer a cash card facility. Easy access accounts are divided into three main types:

1. Branch based accounts, which often provide a cash card and may even charge for withdrawals across the counter.
2. Postal accounts, where transactions are dealt with by post, although in some cases, branch or card withdrawals and deposits may be possible.
3. Telephone accounts, where withdrawals are requested by telephone and often paid by direct credit to a nominated account.

Generally, the non-branch accounts offer higher interest rates, although investors have to accept that no notice may mean having to wait for the post to arrive and the cheque to clear, which could take nearly a week.

On the whole, the relative flexibility of easy access accounts mean that a lower rate of interest rate will be offered than on some other deposit accounts. A bonus scheme may be offered if the numbers of withdrawals made are within a specified limit, for example a maximum of 2 withdrawals per annum. The minimum investment is normally £1.