Restricted availability on regular monthly savings accounts

There are restrictions on 38% of regular monthly savings accounts meaning that many consumers will not be able to access some of the most competitive deals, according to analysis by Defaqto.

30 of the 79 regular monthly savings accounts have restricted availability. 

The 9 highest interest paying regular monthly savings accounts all have a restriction.

Restrictions can be grouped into the following areas where consumers must:

have, or open, a current account

have a specified additional savings account or open linked investment plans

make deposits from an external source (ie. transfers not permitted from another account held with the same provider).

Additionally there are other restrictions in relation to consumer status where some providers require that savers:

be prospective first time buyers

fulfill specific age criteria

have dependent children

live in the local branch area

open the account in person at a branch

David Black, Banking Specialist at Defaqto said: "Regular monthly savings accounts have consistently offered some of the highest interest rates available in the savings market at a time when savers have faced an incredibly difficult task trying to get a good rate of return on their money. Consumers need to read the details very carefully to see whether they are likely to be eligible for the highest paying accounts."