BBC News reports that savings rates are at last beginning to edge upwards. However, ‘easy access’ accounts are getting less easy to access, according to new research.
Moneyfacts said that the average interest rate on the top ten savings accounts has risen from 1.39{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} a year ago to 1.48{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34} now but that providers are increasingly placing tighter restrictions on how many times cash can be withdrawn from these accounts.
In some cases, savers are only allowed to withdraw money three times a year!
Moneyfacts is suggesting that the regulator – the Financial Conduct Authority (FCA) – should investigate the matter.