Sainsbury's Bank has warned UK consumers that many savings accounts could carry restrictive terms and conditions.
Some 23 out of the 38 savings accounts which now offer rates of five per cent or above have restrictions in place, the banks claims.
The most common restriction, the company claims, is a notice period to access the savings, with 11 of the accounts available enforcing this.
Other restrictions which are in place with savings accounts includes the loss of introductory bonuses if a number of withdrawals are made, while some accounts are limited to savers in a particular age range.
Peter Wood, director of savings at Sainsbury's Bank said: "Interest rates of five per cent or more are very attractive but some of the accounts paying these are heavily reliant on short-term bonuses or restrict access to your savings."
Mr Wood continues that consumers should be aware of what factors the interest rate is dependent upon when opening a savings account, in order to avoid a "nasty surprise".
Sainsbury's Bank offers a number of savings accounts, including internet and direct saver options.
New warning over savings accounts
Financial Services > Savings > Savings and Investments News
New warning over savings accounts
Tue, 26 Sep 2006
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Sainsbury's gives warning over savings accounts
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