The best easy access savings accounts

We reveal the savings accounts that have won your seal of approval in our lovemoney.com readers' poll.

We recently asked you to tell us which credit cards, current accounts and savings accounts ticked the right boxes for you. 1,293 readers took part in the poll, and you were all customers of the brands you voted for.

Here, I'm going to announce some of the winners in the savings account arena. I'll be looking at which providers hit the spot with their interest rates, and which got top marks for accessibility.

Interest rates

When it came to interest rates, here are the brands you voted for:

Third place: Tesco Bank

Our readers' third place award goes to Tesco Bank. During 2009, the supermarkets got seriously involved the savings race. In December 2008, the Tesco Personal Finance Internet Saver was offering a very decent (variable) rate of 6%, including a 1.5% bonus for the first 12 months.

And by September 2009 the account was still cropping up in various 'top fives', paying 2.75% (variable) including a 1.75% bonus for the first 12 months.

Second place: Intelligent Finance

The Intelligent Finance iSaver was amongst the easy access account best buys in 2009. In June 2009 - at the depths of the savings rate slump - the account was still offering a market-leading rate of 2.85% (variable), on minimum deposits of just £1.

The winner: ICICI Bank UK

Over the last 18 months, the HiSave Fixed Rate Account from ICICI Bank UK has cropped up in dozens of 'best buy' bond round-ups. Back in July 2008, savers could grab a staggeringly high rate of 7.2% on the bank's one year fixed rate bond.

By March 2009, savings rates had dropping off dramatically. But ICICI still hovered near the top of the tables, offering a rate of 4.1% on its two year bonds.

How things change

These awards are an interesting example of how we all need to keep our eye on the ball when it comes to savings rates.

The rates offered by account providers alter constantly, as each tries to become the market leader. At the moment, for example, two of the three brands mentioned no longer sport a 'best buy' savings account.

ICICI still tops the table for two year bonds, offering 4.25% on its two-year, fixed rate account on balances over £1,000. However, those looking for a one year bond would be better off going for the one fixed rate bond from FirstSave, which pays a market-leading 3.65% on balances over £1,000.

And both Intelligent Finance and Tesco Bank have been knocked off the top of the easy access best buy tables. If you want a truly instant access account that allows saving from £1, one of your best options is now the Scottish Widows Internet Saver account, which pays 3.01% AER, including a fixed 1% bonus for twelve months.

Alternatively, you can go for the Investec Bank High 5 Notice Account. This account promises to pay the average of the top five market-leading savings accounts, whatever they are at any given time. So it's never the top rate - but it's never far off it either. You do need a minimum of £25,000 to invest, however.

Moral of the story: past glory isn't everything, so always shop around!

Accessibility

Interest rates are important, but there are other factors to consider, too. Here are the brands you voted the best for ease of savings accessibility.

Third place: ING Direct

In 2009, the ING Direct Savings Account stood out from the easy access crowd by combining a good rate of interest, true accessibility and peace of mind.

In this article back in September, Rachel Robson explained exactly what she liked the account. In a nutshell, it offered a very decent rate of 3.2% which was, unusually, guaranteed for the first year. On top of that, it offered excellent ease of use, being operable both via the net and by phone.

Second place: Intelligent Finance

Intelligent Finance should really get three cheers as the only brand to be recognised in both the interest and accessibility categories.

The Intelligent Finance iSaver I mentioned earlier kept things nice and simple. It combined a market-leading rate with true ease of access, allowing customers to make as many withdrawals as they liked, with no financial penalties.

This isn't always the case, and it's something to watch out for when choosing an easy access account. For example, if you've got £1,000 to stash, Coventry Building Society currently offers you a market-leading rate of 3.3% (including a 1.3% bonus for the first year) on its 1st Class Postal Account.

However, you can only access the account by post; and you're only allowed to make four penalty-free withdrawals a year. Make any more and you'll be charged 50 day's worth of interest for the privilege.

The winner: First Direct

This bank has a reputation for excellent customer service, so I'm not surprised to see it at the top of the list. And although it hasn't been a regular presence in the savings best buy tables, it has had a couple of good tricks up its sleeve.

For example, last year it offered the First Direct cash e-ISA. This paid a very respectable 3.1%, and - unusually for an easy access ISA - this rate was fixed for the first year.

Does online mean on the ball?

What's particularly interesting is that our accessibility winners are all providers that don't operate on the high street.

You would think a bank with local, high street branches might have ease of accessibility all wrapped up, but it seems that the internet revolution really has shifted the goalposts!

It's also worth noting that none of the providers mentioned in this article are among the most well-known household names. When it comes to savings, loyalty to the biggest brands may mean you miss out!

Compare savings accounts at lovemoney.com

Get help from lovemoney.com

If you need a bit of help choosing a savings account, check out our tips.

First, adopt this goal: Build up your savings

Next, watch this video: Earn £235 extra by switching your savings

And finally, why not have a wander over to Q&A and ask other lovemoney.com members for hints and tips about what worked best for them?

More: Five ways to save when you're skint! | Earn an extra £220 a year on your savings