Instant Access Savings Account
Our Instant Access Savings Account is good for those who may need to dip into their savings at short notice. It’s an excellent way to build your savings with no penalties for withdrawals.
While you grow your money, your money will be used to support organisations that deliver positive social impact in the UK.
Instant Access Savings Account Features
- Available to UK residents aged 18 or above.
- Access your funds anytime with no restrictions.
- Interest will be applied to the Account quarterly, on the set quarter dates.
- Manage your account via online banking or telephone banking.
- Our UK based Customer Experience Team is here to assist you.
- Joint accounts available.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Financial Services Compensation Scheme.
Ready to Apply?
Why open an Instant Access Savings Account?
- Start with as little as £1, suitable for any deposit value.
- Saving that works for you, whether you want to make a lump sum deposit or add funds regularly.
- Enjoy flexibility and access funds with no penalties when you make withdrawals.
Open an Instant Access Savings Account Today*
To open an account, download and read the following documents, and submit the completed application form and relevant KYC documents required either by email at customer.experience@reliancebankltd.com or by post to “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB”. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.
*Products are subject to status and eligibility. Terms and conditions apply.
Please Note: Reliance Bank uses your personal information to confirm your identity and assess your application when you apply for an account with us. We will only collect, process and store information about you in accordance with our Privacy Notice. For more details, please read our Privacy Notice.
Summary Sheet
What is the Applicable Interest Rate?
Interest is calculated daily and is paid into the Account on the last calendar day of each quarter.
Can Reliance Bank change the Applicable Interest Rate?
Yes, the interest rate applied to your Account is variable.
Should Reliance Bank Limited increase the interest rate, the new rate will be applied to your account immediately and the details of the change will be available on our website within three working days of the change.
Should the bank decrease the interest rate, we will advise you in writing and give you at least 14 calendar days’ notice before the change.
What would the estimated balance be after 12 months based on a £1,000 deposit?
*This calculation is for illustration purposes only.
*This example assumes there are no further deposits or withdrawals, changes to interest rates and interest is paid in the Account on the last working day of each quarter of the calendar year.
How do I open and manage my account?
You can apply by downloading an application form from our website. Please complete the form, and then email or post it to us.
You can manage your account online via our digital banking portal or by telephoning our Customer Experience Team on 0207 395 5400.
Can I withdraw my money?
Yes, there is no limit to the number of withdrawals. You can withdraw any amount, from the Account, at any time.
Rates and information correct at 28/02/2025.
Definitions Explained
*AER
AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
Frequently Asked Questions
An Instant Access Savings Account, also known as an easy access savings account, is a type of savings account that offers you convenience with unlimited withdrawals and deposits without penalties. With just £1, you can start your savings journey and grow your money. This type of account typically offers variable interest rates.
Yes, you can make unlimited withdrawals from this account.
At Reliance Bank, you can maintain your account with a minimum deposit of £1 and save up to £2 million.
At Reliance Bank, interest calculation varies by account type. In case of an instant access savings account, interest will be applied to the Account quarterly, on the set quarter dates.
We refer to the interest rate as an AER, which stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
An Instant Access is a flexible savings account that allows you to deposit or withdraw funds at any time. It offers a variable interest rate and can often be opened with just £1.
A Notice Account requires you to provide an advance notice —usually between 30 and 95 days—before withdrawing funds. As a result, Notice Accounts may offer slightly higher interest rates than Instant Access Accounts.
Ready to Apply?
Explore our other Savings Account
Need Help?
For further assistance, please reach out to our Customer Experience Team at 020 7398 5400 or email us at customer.experience@reliancebankltd.com.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.