‘Easy access’ deals with a hidden catch

SEVEN of the top ten easy-access accounts now come with hidden catches, new research reveals.

Banks and building societies launched deals in the wake of the Marcus account from Goldman Sachs — but a third of all easyaccess accounts have a catch.

Charlotte Nelson, finance expert at data analysts Moneyfacts, says: ‘Savers may assume easy-access means unlimited access in an account that’s simple to understand. This is not the case. You need to look closely at the terms and conditions.’

Savers have opened 100,000 Marcus accounts in the 40 days since its launch to snap up its top 1.5 pc rate — it includes a 0.15 percentage point bonus for 12 months, so your rate falls to 1.35 pc unless you remember to renew your bonus.

Bank of Cyprus UK Online Easy Access account pays 1.47 pc, which falls to 1 pc after 12 months.

Family Building Society Premium Saver pays 1.45pc with no bonus and no withdrawal restrictions, but you can’t put any more money in after December 7.

The 1.45pc Post Office Online Saver falls to 0.25 pc after a year. The next best is 1.42pc on Virgin Money Double Take E-Saver and Tesco Internet Saver. With Virgin, you get just two withdrawals in a calendar year. Tesco has a 12month bonus of 0.87 percentage points — then the rate drops to 0.55pc. Sainsbury’s Bank Defined Access Saver at 1.4pc has a limit of three withdrawals a year.

The straightforward accounts in the top ten are from Charter Savings Bank, Shawbrook Bank and Kent Reliance, all at 1.4 pc.