Should I choose easy-access or fixed-rate savings?
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
FSCS protects eligible deposits up to £120,000 per person, per authorised institution.
Quick answer
Choose easy-access savings for money you might need at short notice, such as an emergency fund. Consider fixed-rate savings for money you’re sure you won’t touch for the whole term and want a guaranteed rate on.
You don’t have to choose one. Many savers keep an emergency buffer in easy access and fix the rest.
Easy-access vs fixed-rate savings
Example rates checked on each provider’s own website on 3 October 2026.
| Feature | Easy-access savings | Fixed-rate savings |
|---|---|---|
| Access | Withdraw when you like (some limit withdrawals) | Usually no access until the term ends |
| Rate | Variable — can go up or down | Fixed for the term |
| Example rates | Atom bank Instant Saver 2.50% AER; Zopa Access pot 2.95% AER | Atom bank 1-year Fixed Saver 4.90% AER; Shawbrook 1-year bond 4.87% AER |
| Adding money | Usually any time | Usually only during a deposit window |
| Suits | Emergency fund and short-term goals | Money you won’t need for the term |
Rates as of 3 October 2026, taken from each provider’s own website. Variable rates can change at any time and fixed rates can be withdrawn, so check the provider before you apply.
Who it’s for
- Savers deciding where to put a lump sum
- People building an emergency fund alongside longer-term savings
- Anyone weighing up a guaranteed rate against flexibility
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You’re investing for the long term and can accept risk — cash may not be the right home for all of it
- You have expensive debt — paying it down may come first
Full explanation
A common approach is to keep three to six months of essential spending in easy access, then fix money you won’t need. That’s a rule of thumb, not a rule — the right buffer depends on your job, household and commitments.
If you’re undecided about rates, you could “ladder” fixes — for example, splitting money between one-, two- and three-year terms so some becomes available each year.
Remember tax: interest from both counts towards your Personal Savings Allowance unless it’s held in an ISA. See ISA vs savings account. There are easy-access and fixed versions of cash ISAs too — compare easy-access ISAs and fixed-rate ISAs.
Eligible deposits are protected by the FSCS up to £120,000 per person, per authorised bank or building society.
The catch
Fixed rates are guaranteed but locked: early access, if allowed, usually costs a penalty. Easy-access rates are flexible but variable, so they can drop. Some easy-access accounts also restrict the number of withdrawals.
FAQs
Is it better to fix my savings or keep easy access?
It depends on when you might need the money. Easy access suits emergency funds; fixing suits money you won’t touch for the term.
Do fixed-rate accounts always pay more?
Often, but not always. Compare current rates for each term.
Can I split my savings between easy-access and fixed?
Yes, and many people do, keeping a buffer in easy access and fixing the rest.
What is a notice account?
A middle option where you give notice, such as 30 or 95 days, before withdrawing. See notice vs fixed-rate savings.
What happens if rates rise after I fix?
Your rate stays the same until the term ends. Moving early usually means a penalty, if it’s allowed at all.
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