Easy access is a term that relates to savings accounts and the ability to withdraw your funds without giving any notice. An easy access savings account will not usually pay as high a rate of interest as a savings account that requires a notice period for making withdrawals or sets a limit on the number of withdrawals allowed each year.
However, with an increase in the number of easy access online savings accounts this is less of an issue because online easy access savings accounts often provide very good rates of interest whilst retaining the easy access facility.
When looking for an easy access savings account it is important to shop around and check the terms and conditions carefully because some accounts impose hidden fees for making withdrawals and others will pay introductory bonus rates to entice customers but these rates will often revert to a very low rate of interest after the bonus period has expired. If this happens it is sensible to switch to a different easy access savings account that pays a higher rate of interest.
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