As the name suggests, instant access savings accounts give you immediate access to your savings, without incurring any penalties.

Generally, instant access accounts will offer a lower rate of interest compared to accounts that require you to give notice before withdrawing money. However, if you shop around you will find that there are instant access savings accounts available that offer higher interest rates than the majority of notice savings accounts. The good news is that we have already done the shopping around for you. Simply visit our 'best rates' section.

You can deposit lump sums or regular payments into your account. Interest is paid monthly or yearly and in some cases you will be able to choose.

As with all savings accounts, the minimum deposit that can be made in order to open the account will vary from one bank / building society to the next.

Interest rates are usually banded according to the balance in your account, meaning the more money you save the higher the rate of interest you'll earn.

Opening a savings account with a building society qualifies you for membership of that building society, which in turn means you may be eligible for special benefits and exclusive offers.

Many savings accounts are issued with 'passbooks', especially building society savings accounts. These are small books that you present when make a deposit or withdrawal. Therefore, they provide a convenient, up to the minute record of your balance and a history of transactions made.