One in five deposit accounts limit number of withdrawals, according to Defaqto.
A major new report has shown that many best-buy savings products come with strings attached.
Defaqto, a financial research firm, revealed that one in five easy access savings accounts contain mandatory limits on the number of withdrawals permitted - making it harder for customers to regularly dip in to their deposits. Moreover, the research also showed that 24 percent of the "top 100" accounts which pay the highest interest rates came with the limits.
Returns from savings accounts have been markedly affected recently by the Bank of England's decision to cut its lending rate to an all-time low of 0.5 percent. This reduction has been mirrored by many account providers.
The Defaqto report showed that "best buy" rates were also very likely to be offered to new customers only - meaning that savers will have to switch their accounts regularly to secure the best returns on offer. Almost four in ten of the "top 100" were found to come with a so-called "introductory bonus", which runs out after a set time period.
Commenting on the research, David Black, principal consultant for banking at Defaqto, said: "Savers need to keep their wits about them as many savings accounts now have restrictions. There is little point in being seduced by a high headline rate if your account usage is likely to preclude you from achieving that rate."
