Easy-access savings accounts promise quick fund availability, yet new research shows that two in three such accounts impose delays on withdrawals. Among the top 30 easy-access options, 20 either enforce cut-off times for transfers or fail to provide Faster Payments within two hours.
Key Research Findings
Only three of the top 10 providers deliver immediate Faster Payments, allowing instant transfers between the savings account and a customer’s nominated bank account. The other seven rely on cut-off times or process transfers the next working day.
Fourteen of the top 30 accounts set specific deadlines for same-day access. Six require requests before 3 p.m., with transfers delayed to the next business day otherwise. Some providers impose even earlier cut-offs, such as 11 a.m. Five accounts guarantee funds by the end of the following working day.
Expert Insights
Personal finance expert Andrew Hagger states: “Having to wait an extra business day to transfer funds to your current account isn’t acceptable in today’s hi-tech Open Banking world. The access problem is even greater over a weekend or when there’s a bank holiday involved. The best easy access accounts will offer the combination of a great rate and real instant access via faster payments.”
What Savers Should Check
Before opening an easy-access account, verify the speed of fund returns. Many top deals also limit penalty-free withdrawals per year or include bonuses that expire after 12 months.
