What is an easy access savings account?

If you're in the UK and want to manage your money more effectively, you're likely looking for a way to earn interest without losing access to your cash. While a personal account is efficient for daily spending, it isn't designed to help your wealth grow.

An easy access savings account is a flexible financial tool that allows you to earn interest while keeping your money available for whenever you need it. It's a practical step toward financial security, as it provides a protected place for your balance to increase in value without the restrictions of fixed-term products.

With a Revolut account, you get access to an Instant Access Savings account with interest paid daily. You can add and withdraw money from that savings account for free at any time, so you can move money to and from your main balance with a few taps. Read on to learn more.

Instant Access Savings are powered by ClearBank, T&Cs apply.

The information provided is accurate as of 10 February 2026.

The content of this page is for general information purposes only and doesn't constitute financial advice. If you've any questions about your personal circumstances, please seek professional and independent advice. We aren't a financial adviser.

Easy access savings accounts at a glance

If you need a quick summary of what an easy access savings account offers, here are the basics:

• High flexibility: you add or withdraw money whenever you want
• Variable interest: the interest rate may vary for several reasons, including market conditions and Bank of England actions
• No lock-in periods: with us, there are no penalties or fees for taking your money out
• Safety: your money is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, per institution
• Ideal for emergencies: it’s an efficient place to keep an emergency fund for unexpected costs

How easy access savings accounts work

An easy access savings account is a deposit account that offers immediate or near-immediate access to your money while paying you interest. It's a simple agreement where you keep your money with us, and we pay you a return for doing so.

This account type is defined by its liquidity, meaning how accessible your money is. While some savings accounts may require you to wait months or years to access your cash, an Instant Access Savings account with us lets you withdraw your balance without paying a fee or losing the interest you've earned.

There are 2 main reasons to use this account:

1. Convenience: your money is there when you need it for any reason, such as a car repair or a last-minute flight
2. Steady growth: you earn a variable rate of interest

Easy access vs other savings account types

An easy access savings account differs from other savings products through its lack of restrictions and its variable interest rate. These differences help you decide where to put your money based on your own goals.

At Revolut, we offer an Instant Access Savings Account, meaning you can add or withdraw money to your savings account instantly for free, while benefitting from variable rates.

Understanding Annual Equivalent Rate (AER) and compound interest

Understanding how interest is calculated is crucial for comparing different savings accounts. Knowing the meaning of some key terms will help you understand exactly what your return will be over a year.

The definition of AER

AER stands for Annual Equivalent Rate. It's a standardised percentage that all financial providers in the UK must use to show the interest you'd earn over a year. Because every provider uses the same calculation, you can make an accurate comparison between 2 different accounts.

The process of compounding

Compounding is a process where you earn interest on your initial deposit on top of any interest you've already earned. In an easy access account, interest is often calculated daily and paid monthly. This means that every month, your balance grows slightly, and the next month's interest is calculated on that new, higher total.

The cycle works like this:

1. You deposit money into your savings account
2. With Revolut, interest is added to your balance each day
3. The following day, you earn interest on both your deposit and the interest from the previous day
4. Your money grows faster over time as the cycle continues

For a deeper breakdown of this calculation, you can explore our guide to savings rates.

The UK personal savings allowance

The amount of interest you keep depends on your tax status and the Personal Savings Allowance (PSA). The PSA is a government rule that allows you to earn a certain amount of interest each tax year without paying any income tax on it.

If your total interest from all non-ISA accounts stays below these limits, you receive the full amount advertised. If you earn more than your allowance, you're liable for tax on the excess.

Remember: we don't offer tax advice, so you should always seek independent professional advice regarding your specific tax situation.

Benefits of choosing an easy access account

An easy access savings account may be your choice if you value accessibility over a fixed-term account that could have higher rates.

The main benefit of this type of account is the ability to manage your cash flow flexibly. If you receive a bonus or a gift, you can add it to the account instantly. Then, if your boiler breaks down, you can move that money back to your main account to pay for it to get fixed right away. This allows you to respond to life's changes without financial penalties.

Is your money safe in an Instant Access Savings Account?

Your money is protected when you choose an authorised UK financial institution. The Financial Services Compensation Scheme (FSCS) is a government-backed program that protects customers if a financial provider fails.

The FSCS protects up to £120,000 per person, per authorised institution. You can check the status of any provider on the official FSCS website.

At Revolut, your Instant Access Savings are powered by ClearBank Limited, and your money is protected up to £120,000 through the FSCS. Eligibility criteria apply.

Maximising your returns with Instant Access Savings

Opening an Instant Access Savings account is only the first step. To get results, you should be proactive in how you manage your savings.

Automating your contributions

An effective way to save is to pay yourself first. You can set up a recurring payment to move a set amount of money from your main balance to your savings as soon as you get paid. This ensures that you save before you have the chance to spend.

Our round up feature also allows you to save effortlessly. We round up every purchase to the nearest pound, and the difference is automatically added to your savings account. That way, you're saving without even realising it.

Monitoring rates

Because rates are variable, they can change at any time. You should check your rate every now and then to make sure it's still competitive. If you see a significantly better offer elsewhere, it's easy to move your money.

Using goal-based Pockets

Our modern accounts allow you to create separate Pockets for different goals within your main savings account. You might have one Pocket for a holiday and another for an emergency fund. This helps you track your progress quickly.

Keep in mind that you don't earn interest on Pockets.

How to open a Revolut Instant Access Savings account today

We make it simple to start saving. Manage your daily spending and your long-term savings in-app, and get a better overview of your financials.

Here's how to open an account with us:

1. Download the Revolut app, sign up, and verify your identity. This generally only takes a few minutes.
2. Add money: once your account's verified, tap Add money to top up your main balance via a bank transfer or debit card.
3. Open your savings account: tap Accounts below your balance, then tap + Add new, then Savings to get started.

The Annual Equivalent Rate (AER) shows the interest you can earn over 1 year. AER is compounded, so you’ll earn interest on interest already earned. Rates depend on your plan type and savings' currency, from up to 3% AER on our Standard plan to up to 4% AER on our Ultra plan. A lower rate might apply depending on balance. Paid plan subscription fees and T&Cs apply. Interest offered is subject to change and any interest earned is liable to the applicable taxes. Instant Access Savings T&Cs apply.