Instant access accounts explained

An instant access account is a savings account that does exactly as the name describes, it gives you instant access to the money in your savings account. It is a savings account that lets you add and withdraw money to the account whenever you want to, in most cases without charging you to do so. Most banks offer some form of savings account with instant access. The details and policies for accounts like these will vary from bank to bank however there are certain features of the account that you can expect to be the same if not similar in all situations.

Most banks place a few guidelines on how their instant access accounts can be used. An instant access account is usually an account that accumulates interest. There is often a minimum opening balance that you will pay to the bank when you first open the account. In some cases, there will be a minimum deposit amount and other times a minimum balance requirement as well.

For full details on the minimum conditions and requirements for the account that you are thinking of opening, you can speak to an advisor at the bank or read through the conditions on a web site or brochure. It also helps to know all of the proof of address and identification that will be required.

Common Features of Instant Access Accounts:

• Minimum opening balance
• Minimum withdrawal amount
• Minimum addition/deposit amounts
• Minimum required balance
• Interest bearing

As you shop around and compare various instant access type accounts you could compare account policies to ensure you get the best interest rates and minimal account-related fees. You will find that certain characteristics are common among accounts of this type. They provide you the account holder with unlimited access to your account. This would usually include free and unlimited withdrawals. The interest earned on these accounts is most often calculated daily and then paid out to customers on an annual basis. As always, the exact details of an instant access account will vary from bank to bank so be sure to read carefully through the materials that detail the account features.

The majority of high street banks offer some form of instant access account. Traditionally, you would be able to open new instant access accounts at any branch or even online (though proof of ID will often need to be sent to the account provider or taken to a local branch if they have an offline presence).