Top easy-access savings accounts hit savers with hidden restrictions

Research reveals savers are being reeled in with top headline rates on easy-access accounts, but the majority come with ‘strings attached’

Piggy bank secured with padlock chained up and locked
(Image credit: BrianAJackson)

Easy-access savings accounts, known for their flexibility and penalty-free withdrawals, aren’t living up to their name, as new research reveals an increasing number of them are hitting savers with restrictions. 

According to Investec Bank, 31 of the top 50 easy-access accounts now come with restrictions on withdrawals (usually up to three per year), or rely on short-term bonuses for a better return. 

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AccountRate AERRestrictions Minimum deposit
Santander Edge Saver7%Only open to Santander Edge current account holders. Rate includes 2.5% bonus for first 12 months. Interest paid on balances up to £4,000 only. £1
Metro Bank Instant Access Savings5.22%Limited rate for 12 months. Must deposit at least £500 within 28 days, or rate will drop to 1.65% AER. £500
Ulster Bank Loyalty Saver5.2%Balances below £5,000 earn 2.25% AER.£5,000
Cynergy Bank Easy Access Account5.15%Rate includes 1.15% bonus for first 12 months. £1
Beehive Money Limited Issue Easy Access Account5.15%Rate includes 2.5% introductory bonus until 31 November 2024.£1,000
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AccountRate AERRestrictions Minimum deposit
Cahoot Simple Saver5.12%No restrictions£1
Secure Trust Bank Access Account5.1%No restrictions£1,000
Kent Reliance Easy Access Account5.06%No restrictions£1,000
Family Building Society Online Saver5.04%No restrictions£100
Monument Bank Easy Access Savings5.03%No restrictions£25,000
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Bank accountRate AERMinimum balanceMaximum balance
Kroo Current Account4.35% (variable)£1£500,000
Starling Bank Current Account3.25% (variable)£1£5,000
Chase Current Account1% (variable)£0No maximum balance

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.