- 35 out of top 50 easy access savings accounts offered by UK’s leading current account providers have some form of restriction
- A quarter (24%) of accounts offer short term bonus rates
- The average rate on easy access accounts by the big high street banks is just 0.96%
Two-thirds of the top 50 easy-access savings accounts are lumbered with restrictions, including tiered rates, bonuses or withdrawal penalties, with high street banks offering an average rate of just 0.96% on true easy access accounts, analysis commissioned by savings app Spring has found.
Moneycomms analysis1 of the top 50 easy access accounts found that only 15 of the 50 accounts offered were classed as ‘pure’ easy access, with no withdrawal limits, fees or restrictions.
Of the easy access accounts analysed:
- A quarter of accounts (24%) are boosted by a short-term bonus rate
- Just under half (42%) come with withdrawal restrictions
- Over a quarter (28%) impose an interest penalty depending on withdrawals
- Over one in 10 (12%) have an account restriction, such as needing a current account, a high minimum balance or no interest paid below a certain amount
The average interest rate offered by high street banks on their easy access accounts stood at just 0.96%. Four out of nine of the big banks offer just 1% and three offer 0.75% on their true easy access savings accounts.
Derek Sprawling, Head of Money at Spring, said:
“Many savers choose an easy access account because they want the reassurance that they can get to their money whenever they need it, without having to worry about penalties, conditions or short-term incentives that later disappear. But our analysis shows that, in many cases, so-called easy access accounts are not as straightforward as they first appear, with restrictions, bonus rates and withdrawal limits all potentially affecting how much flexibility savers really have.
“At a time when many people are working hard to build up a financial cushion, it is disappointing to see some of the biggest banks offering an average of just 0.96% on true easy access savings. Savers should look beyond the headline rate and check carefully for any strings attached, because an account that offers both a competitive rate and genuine flexibility can make a real difference to how hard their money works.”
Andrew Hagger, Personal Finance Expert from Moneycomms, said:
“Now that savings interest rates have started to pick up, it’s a no brainer to switch your excess money from your current account or high street bank savings account. Instead of getting next to nothing on your cash balances, it’s still possible to get an attractive ‘no strings’ rate and retain immediate access to your money whenever you need it.”
Built using Open Banking technology, Spring connects to a customer’s existing current account in seconds, paying a competitive rate of interest of 3.82% AER. It provides a genuine easy access savings account, enabling seamless transfers between accounts, while allowing customers to withdraw money when they need it. Spring puts users in full control of their savings and offers features such as savings pots, all without the need to switch banks. It serves as a helpful savings companion, building better savings habits and making money work harder.
Effortless saving
Open a Spring Easy Saver Cash ISA today. The Spring app uses open banking to connect to your current account, making saving seamless and simple.
To get started, download the app.
Notes to editors
- Moneycomms analysed easy access non-ISA savings accounts offered by the top 50 providers and the big banks – on 21.05.26
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