When's easy access not so easy?

Six of the top ten easy access savings accounts carry punitive measures for savers who want to withdraw any of their cash, meaning savers need to carefully check the underlying terms and conditions before they deposit their hard-earned cash.

Analysis from price comparison site moneysupermarket.com has found only four of the ten highest interest-paying accounts allow savers unlimited access to their cash without losing interest.

Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "We have seen table-topping savings accounts of 6.50 per cent or more launched by Coventry and Alliance & Leicester in the past week. At first glance, this is great news for savers but as our analysis shows it is vital savers look beyond the headline rate. It should be easy to pick a savings account, but consumers really need to check the terms and conditions, or they could end up out of pocket having not fully understood what they signed up for.

"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 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 many dip in for unforeseen circumstances without a second thought. That loss of interest is where providers start to recover the margins they lose with strong headline rates."