Is an instant access savings account best for you?

Already got a NatWest current account? You can open an instant access savings account with us online or via the mobile app.

If you don’t hold a current account with us, you’ll need to open one first, so the process can take a little longer. But everything should be ready within 10 working days.

The best savings account for you is the one that meets your needs. For example, if you have a lump sum that you won’t need to touch for a year or two, you could benefit from a fixed rate savings account. Want a bit more flexibility? The best option might be an instant access savings account. But it ultimately depends on your personal goals and preferences.

Read our savings account guides

There are lots of different kinds of savings accounts on the market, each with their own interest rates.

But interest rates aren’t the only thing to think about when choosing a savings account. A fixed rate savings account might have the best interest rate, but if you need flexibility from your savings account, it might not be right for you.

Instant access savings could be a handy buffer if you face an unexpected bill or emergency costs. Your money isn’t locked away, so you can get it when you need it.

The ideal instant access savings pot will be different for everyone. A good place to start is to think about the kinds of costs you might need to cover, like car repairs or a new boiler.

A savings account with instant access lets you take money out whenever you need to.

When you save into an ISA (Individual Savings Account), you don’t have to pay tax on any interest you earn and some ISAs give you instant access too, like our Cash ISA.

It’s worth remembering that if you take money out of your ISA, you can only pay money back in that same tax year up to your annual ISA allowance of £20,000.

It depends on the account and the provider you sign up with. However, instant access savings rates might sometimes depend on your account balance.

Different banks and savings accounts may have specific rules or conditions. So, it could be useful to compare instant access savings products to see what you’re eligible for.

With NatWest, you’ll need to be 16 or 18, depending on the product. You’ll also need to be a UK resident.

The Financial Services Compensation Scheme may protect the money you deposit in an instant access savings account. This scheme could cover you up to £85,000 for each authorised bank or building society you hold money with. It’s another factor to consider as you compare top instant access savings accounts.