People looking for a new savings account should check the small print before committing their funds, it has been claimed.
According to research by Sainsbury's Finance 26 of the top 50 instant or easy access savings accounts for balances of more than £1,000 have restrictions on how they operate.
Some of the savings accounts restricted the number of withdrawals that can be made in a year, others charge a penalty for such transactions and others have age restrictions, the research shows.
Helen Cook, head of savings at Sainsbury's Finance, said: "There is great choice within the savings market but as a condition for offering some of the most attractive rates, some instant [and] easy access accounts limit access to your savings."
For this reason people should consider the interest rate and conditions of a savings account before opening it, she added.
Yesterday, data released by the Buildings Societies Association revealed that, in May, people put a total of £853 million into savings accounts operated by its members.
Warning over easy access savings accounts
Warning over easy access savings accounts
Thu, 03 Jul 2008
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