Savers - watch out for restrictions

21% of instant and easy access accounts limit the number of withdrawals permitted and this percentage increases to 24% in respect of the 100 instant and easy access savings accounts that pay the highest interest rates on a £1,000 balance.

In terms of these 100 accounts:-

24% restrict the number of withdrawals permitted;
38% of them have an introductory bonus;
11% have an introductory bonus and limit the number of withdrawals;
51% have introductory bonuses &/or a limit on the number of withdrawals.

David Black, Principal Consultant for Banking at Defaqto said "Savers need to keep their wits about them as many savings accounts now have restrictions. There is little point in being seduced by a high headline rate if your account usage is likely to preclude you from achieving that rate."

"Savings rates have been decimated by the massive falls in the Bank of England base rate and there is often considerable merit in changing your account. But make sure that you're aware of, and happy with, the terms of any account before you open it."

"Take advantage of introductory bonuses but remember to reappraise the competitiveness of the account when the bonus ends."