Instant Access Account
Co-Founder•1 min read
An Instant Access Account is a savings or deposit account that allows the holder to withdraw money at any time without penalty.
It offers flexibility and quick access to funds, though the interest rate is usually lower than that of fixed or term deposits because the bank cannot rely on the funds being held for a set period.
Instant access accounts are popular for managing short-term cash reserves or emergency funds, where liquidity is more important than return.
Example:
A business keeps £50,000 in an instant access savings account earning 2.5% interest, allowing it to withdraw funds immediately if needed for payroll or supplier payments.
Used in:
Personal savings, business treasury management, and short-term cash flow planning.