Access to Emergency Savings
Two thirds of easy access savings accounts have restrictions on accessing your money, which can be a concern in emergency situations.
Research shows that out of the top 30 easy access savings accounts, 22 have some sort of restriction on how quickly you can access your funds.
Having an emergency fund is crucial for financial resilience, and it's essential to have it in an account that can be accessed quickly when needed.
Having money set aside in an emergency fund is a key part of building up your financial resilience and offering you protection in case you need cash in a hurry.
While it's essential to have easy access to your emergency fund, it's also important to earn interest and grow your savings faster than inflation.
Many people opt for a top easy access savings account with a high interest rate to achieve this balance.
Author's summary: Restrictions apply to most easy access savings accounts.