Savers taking advantage of easy access savings accounts could risk facing penalty fees for withdrawing their cash, suggests a new survey.
Almost one in five easy access savings accounts are guilty of charging savers a fee for cash withdrawals, reports the Mail on Sunday.
Over 2000 savers were questioned by the research group Defaqto, with 15 per cent saying they had been charged for taking money out of their savings account.
At least 48 of the 300 easy access savings accounts surveyed were found to charge fees.
Many of the savings account holders questioned said they did not know these charges were applicable to them until they had taken their money out of the savings account.
Easy access savings accounts are promoted as a good way to encourage more people to save on a regular basis, while allowing customers the freedom to access their savings account whenever they want.
These types of savings accounts can usually be opened for as little as £1, but often interest rates are not as high compared to other savings accounts.
Easy access savings accounts can penalise savers, reveals survey
Easy access savings accounts can penalise savers, reveals survey
Mon, 27 Mar 2006
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