Savers hoping to quickly withdraw money from their “easy access” accounts may find themselves waiting longer than expected.
New findings suggest many accounts place restrictions on how quickly funds can be accessed.
The research, conducted by MoneyComms and commissioned by savings app Spring, examined the top 30 easy access savings accounts on the market and found that two-thirds create barriers to immediate access.
In total, 67 per cent of these accounts either enforce cut-off times for withdrawals or fail to provide Faster Payments within a two-hour window.
This means customers who believe their savings are readily available could face unexpected delays when trying to move their money.
The picture is even more limited among major providers, with just three of the top 10 offering faster payments.
The remaining seven either impose cut-off deadlines or only release funds on the following working day.
Nearly half of the 30 accounts surveyed require withdrawal requests to be submitted before a specific time to qualify for same-day transfers
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GETTYNearly half of the 30 accounts surveyed – 14 in total – require withdrawal requests to be submitted before a specific time to qualify for same-day transfers.
Six providers demand requests be made before 3pm, with some setting deadlines as early as 11am, creating significant obstacles for those needing urgent access to their savings.
Meanwhile, five accounts only guarantee returning funds by the close of the next business day, further undermining the “easy access” label.
Five accounts only guarantee returning funds by the close of the next business day
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GETTYDerek Sprawling, Head of Money at Spring, said: “Too many people choose to leave their savings with their current account provider to ensure its readily available.
“However, there’s no need to be tripped up by early cut-off times and slow payment processes; choose an easy access account with instant withdrawals to ensure you can access your money without compromising on rate.”
Experts say having to wait an extra business day to transfer funds to your current account “isn’t really acceptable”
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GETTYAndrew Hagger, Personal Finance Expert at MoneyComms, added: “It’s a big plus being able to get a decent rate in an online savings account, but it’s also essential that you have immediate access to that cash whenever you need it.
“Having to wait an extra business day to transfer funds to your current account isn’t really acceptable in today’s hi-tech Open Banking world, which is supposedly there to make your life easier.”