You are here: Home - Saving & Banking - News -

Not so easy access

Written by:

Savers should be aware that 6 of the top 10 easy access savings accounts carry penalties for fund withdrawals, according to Moneysupermarket.
Recent research from the financial comparison site showed only 4 of the 10 highest interest paying accounts allow savers unlimited access to their funds without any loss of interest.

Kevin Mountford, head of savings at Moneysupermarket, advised savers to check the terms and conditions of their chosen account before depositing their savings.

He added: “It’s clear that some of these accounts deserve their place in the ‘easy access’ sector, but others should perhaps be categorised as ‘new notice accounts’. They do have a part to play in the market, but they are very much aimed at more disciplined savers. We know from experience that savers are different and save for different reasons.

“While it is recognised that providers want to be more transparent, it is easy to be cynical about these ‘new notice accounts’. Many savers have every intention of leaving their money untouched, but the reality is that they may dip in for unforeseen circumstances without a second thought. That loss of interest is where providers start to recover the margins they lose by offering strong headline rates.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Adults put off pension planning

Almost half of adults aged between 55 and 64 years old have no financial plan in place for retirement, even...