Savers are advised to scrutinize instant access savings accounts due to restrictive terms and short-term bonuses. Investec Save research indicates that 66% of the top 50 accounts and 80% of the top 10 come with limitations. These restrictions may include limited withdrawals, penalties for excessive withdrawals, and requirements for maintaining high minimum balances or opening current accounts. Recent analysis shows a consistent trend of increased restrictions on best buy accounts over the past three years, highlighting the ongoing need for careful consideration before account opening.
Nearly one in five (18%) of accounts include a bonus rate of 1.88% for nearly a year on average. Nearly half (44%) restrict the number of withdrawals, while 28% impose interest penalties for too many withdrawals and 16% have restrictions such as a high minimum balance or requiring customers to have a current account with them.
Savers need to look closely at best buy instant access saving accounts for short-term bonuses and restrictive terms and conditions as new Investec Save research shows two out of three top 50 accounts come with strings attached.
The data shows an increase in the number of instant access accounts restricting withdrawals, those imposing penalties for too many withdrawals, and the numbers with special conditions including high minimum deposits and requiring current accounts.
David Hunt, Head of Savings, Investec Bank, said: "Instant access accounts should be easy to understand but that is clearly not the case. As the analysis shows, the number of accounts which have a range of terms and conditions that can be easy to overlook remains consistently high."
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