Instant Access / No Notice savings accounts

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Instant Access / No Notice savings accounts

Instant access savings accounts are ideal for those who may need to access their money in a hurry as users are not required to give any notice when withdrawing funds.

Instant access accounts can usually be activated by a deposit of just £1.00. Account holders can access their funds immediately by using a cash card for accessing money from an ATM machine or by way of a passbook which can be used at any branch of a high street bank.

Most accounts will put a limit on how much cash can be withdrawn in one go or in one day although the set amount should be more than enough to cope with any financial emergencies that may arise.

However, the price for convenience is that interest rates on these accounts are usually non-competitive and the rate can fluctuate up and down depending on the Bank of England Base Rate and investment conditions.

Remember, while the majority of these instant access accounts promise instant access, transfers can take anything from three to seven working days to go through.