A COMPLETE GUIDE TO EASY ACCESS ACCOUNTS

Easy access accounts offer the flexibility to withdraw funds whenever you need them, while still earning interest. They’re ideal for savers who want both growth and flexibility whether you’re building an emergency fund, saving for a short-term goal, or simply want your money to work a bit harder.

In uncertain economic climates, these accounts have become increasingly popular across the UK. From first-time savers to experienced investors, easy access savings are a low-risk, accessible way to manage your money. And for those wanting an account that tracks Bank of England interest rate changes, our Easy Access Tracker could be a smart option.

An Easy Access account is a type of  UK savings product that lets you deposit and withdraw money at any time, without penalty. It offers a variable interest rate and is designed for those who want flexibility alongside growth.

These accounts are commonly used for:

• Emergency funds
• Short-term financial goals
• Saving while retaining access to your money

What is OakNorth’s Easy Access Tracker?

Our Easy Access Tracker is a specific type of easy access account that links your interest rate to the Bank of England Base Rate, plus or minus a variable *spread.

This means:

• When the base rate increases, so does your interest rate
• When it decreases, your rate will also go down
• Unlike many standard easy access accounts that have static or promotional rates, the tracker model provides a consistently, market-responsive return.

It combines the flexibility of a standard easy access account with the earning potential of rate-linked savings.

*spread in this document refers to the rate that is added or subtracted to the Bank of England Base Rate.

Key features of regular Easy Access accounts

• Flexible withdrawals with no penalties or notice periods
• Variable interest rates not linked to the base rate
• Interest paid monthly or annually (depending on provider)
• Typically includes online and app-based account access
• Ideal for short-term savings and emergency funds
• FSCS protected up to £85,000 per person, per institution

Key features of OakNorth’s Easy Access Tracker Account

• Interest rate tracks the Bank of England Base Rate plus or minus a spread
• Next business day access to your money with no fees or restrictions
• FSCS protected up to £85,000 per person, per institution
• Provided by UK-regulated OakNorth Bank
• Interest paid monthly
• Online and mobile app management with real-time rate updates

How do Easy Access accounts including OakNorth’s Easy Access Tracker account work?

These types of accounts are simple to set up and manage:

1. Open an account online or via app – many banks now offer paperless sign-up with instant verification.
2. Deposit money (often with a low minimum)
3. Start earning interest immediately
4. Withdraw funds whenever you like without facing penalties or needing to give notice.

Interest is usually calculated daily and paid monthly or annually, depending on the provider.

How does interest work?

Easy access accounts usually offer:

• Variable interest rate
• May not track the Bank of England Base Rate
• Rates can change at the provider’s discretion
• Some may offer short-term bonus rates

OakNorth’s Easy Access Tracker

• Rate = Base Rate + / – a spread
• Moves in line with the base rate
• Transparent and responsive to market changes

Example: If the base rate is 4.00% and your spread is 0.1%, you’ll earn 4.10% interest. Or if the base rate is 4.00% and your spread is – 0.1%, you’ll earn 3.90% interest.

These accounts suit a wide range of UK savers:

• Emergency fund builders – Quick access when you need it
• First-time savers – Simple, no-frills way to get started
• Retirees – Manage everyday expenses or unexpected costs
• Investors – Park funds temporarily between other savings products
• Those seeking flexible savings accounts which are provided by a UK regulated bank, FSCS-protected.

Whether you’re saving for a holiday, a repair bill, or a rainy day, easy access accounts help you stay prepared.

Here are some ways to use it effectively:

• Emergency buffer – Keep 3–6 months’ worth of expenses
• Between products – Hold funds between maturing fixed-term accounts
• Rate responsiveness – Benefit from base rate increases automatically
• Automate deposits – Set up regular transfers to build savings
• Stay informed – Monitor base rate movements and spread

Pro tip: Interest rates on savings accounts can vary based on factors like balance tiers or specific account conditions. It’s helpful to review these details when comparing different providers.

Advantages of OakNorth’s Easy Access Tracker

• Transparent rate: Base rate + or – spread clearly defined
• Responsive: Adjusts with the base rate
• No restrictions: Withdraw any time (next business day access), no fees
• FSCS protection up to £85,000
• Provided by UK regulated bank
• Easy digital access

Disadvantages of OakNorth’s Easy Access Tracker

• Interest rate will fall if the base rate drops
• Variable rate means returns aren’t guaranteed
• Not ideal for long-term, fixed returns
• May earn less than fixed or promotional accounts during low-rate periods

Always align your savings product with your financial goals and risk tolerance.

What is the difference between a regular easy-access account and OakNorth’s Easy Access Tracker?

What is the difference between the OakNorth  Easy Access Tracker and a fixed-term account?

What is the difference between the OakNorth Easy Access Tracker and a tracker notice account?

OakNorth’s Easy Access Tracker offers a modern solution for flexible saving. It combines transparent, rate-linked returns with the freedom to withdraw whenever you need access to funds next business day.

You’ll benefit from:

• A rate that moves with the Bank of England Base Rate
• FSCS protection up to £85,000
• Simple, digital account management
• No penalties for access

Whether you’re saving for the short term or building a buffer for peace of mind, the OakNorth Easy Access Tracker offers the flexibility to support your financial goals.

Ready to get started?

Visit this page to learn more about the OakNorth Easy Access Tracker and open your account today.

Savings made flexible and transparent, which are FSCS protected.