Savers can rest assured their money will be safe in an easy access account, so long as it’s covered by the Financial Services Compensation Scheme (FSCS). This scheme reimburses funds of up to £85,000 held in an eligible bank or building society in the event of the firm failing.

Crucially, this limit is shared by providers that operate under the same banking licence. For instance, sister banks HSBC and first direct fall under the same licence. As a result, if you were to hold £45,000 in savings with each of these providers, this would leave £5,000 of your money unprotected.

For more information on providers that share a banking licence, read our guide to who owns whom. While all accounts on our charts are covered by a depositor protection scheme (as demonstrated by the ‘FSCS protected’ badge displayed next to each listing), you can check for yourself via the FSCS website.

While many may prefer the convenience of keeping cash in a current account, if it isn’t receiving interest, your money is losing value to inflation in real termsNew Delhi Investment. It may therefore be worth paying into an easy access savings account that offers competitive returns and similarly allows unlimited withdrawals.

An easy access account can be used to better inflation, but it’s important to note returns don’t typically track the rate at which costs of goods and services are rising. Instead, if you want to keep up with inflation, you’ll need to regularly review any existing accounts – especially when latest figures are announced each month by the Office for National Statistics (ONS).Indore Stock

If you find your easy access account offers less than the rate of inflation, this means you’re losing money in real terms and may want to consider switching to a higher-paying alternative.

This depends on how much interest you earn across all your savings accounts. If the amount you earn is more than your Personal Savings Allowance (PSA), which is set at £1,000 for basic rate taxpayers, then you will have to pay tax on it.

There are a range of easy access accounts available, each coming with different features and conditions. So, to help you find the best easy access savings account for your situation, it’s worth thinking about the following points when you compare providers:

What is the interest rate? Check how much an account pays and whether this includes an introductory bonus. The annual equivalent rate (AER) can help you to compare the returns paid by an account over one year, including any bonuses.

How much do you want to deposit? Most providers will require a minimum deposit to open an account, which could range from £1 up to £10,000.

Are there any restrictions on withdrawals? Some easy access accounts may only allow a certain number of withdrawals per year while others allow unlimited withdrawals. Also, it’s worth checking how long it may take to receive any money you’ve withdrawn, as some providers may pay it instantly while others may pay it within one working day, for example.

Do you want interest paid monthly? Providers can pay interest monthly, yearly or on anniversary, for example. Some providers allow you to choose your preferred method while others will only provide one option.

How do you want to manage your savings? Different providers can offer different ways to manage your savings, including mobile-app only accounts, online accounts and accounts that you can open and manage in a branch.

Aside from regularly reviewing top rates and switching if a more attractive deal is available, savers can maximise interest by being aware of, and closely following, an easy access account’s small print.

Although many permit unlimited penalty-free withdrawals from your savings pot, some easy access accounts can impose a lower interest rate for exceeding a given number of withdrawals within the space of a year. Meanwhile, some also follow a tier system, whereby balances above or below a certain threshold receive lower returns.

Furthermore, if your easy access account contains a temporary bonus within its headline rate, be sure to check whether you’re still receiving competitive returns once the offer expires and consider shopping around if not.

Easy access accounts are among the most likely to be influenced by the current economic landscape, as providers can respond quickly to any changes by immediately hiking or lowering the amount of interest offered to savers.

For instance, after the Bank of England’s Monetary Policy Committee (MPC) voted to reduce the base rate in August for the first time in four years, the following month saw average returns on an easy access account cool from 3.14% to 3.07% (based on a £5,000 deposit).

If further cuts to the UK’s central interest rate are on the cards before the year’s end, this could see easy access savings rates continue to trend downwards.

Related Guide: UK base rate explained – and how to respond to changes

Whether you have a lot of money to deposit into savings or not, many people will benefit from having an easy access savings account.

Because easy access accounts allow you to withdraw from your savings, they can act as an invaluable financial cushion if your income drops or if you’re hit with an unexpected expense, such as a car or boiler repair.

It means that you can dip into your savings to cover any necessary costs, instead of having to take out expensive forms of credit, for example.

It’s typically recommended that you aim to have at least three to six months of your essential outgoings in savings in case of emergencies, but any amount you can manage to save is better than nothing.

While there are other types of accounts that may pay higher rates of interest and be more suitable for your longer-term savings goals, easy access accounts can be useful places to store your emergency fund and any short-term savings that you’ll want to use in the near future.