Savers forced to jump through hoops to find the best accounts

Moneyfacts’ Rachel Springall said savers should be “prepared to overcome a few obstacles” to secure the best deals, as attractive rates would be worth the effort.

She added: “It’s wise to compare and switch offers, especially if someone keeps their money at a large high street bank for convenience.”

Along with tires and bad interest rates, nine of the top deals, including those from Aldermore and Paragon Bank, also limited the number of withdrawals savers could make per year or month. Another six penalized consumers with lower interest rates if a certain number of withdrawals was exceeded.

In 2021, just five stores capped the number of withdrawals savers could make per year, and just two dropped interest payments on multiple withdrawals.

A further 16 transactions required a minimum investment of £1,000 – up from 10 last year – and two transactions paid a higher rate to savers investing at least £10,000.

Several other deals currently listed reward savers with higher interest rates if they invest a certain amount. The Yorkshire Building Society’s Internet Saver Plus deal increases from 1.1 per cent to 1.33 per cent when savers invest at least £10,000 – and again to 1.38 per cent if they hold more than £50,000.

JN Bank’s Easy Access Savings Account pays just 0.1 per cent on investments under £1,000, after which it rises to 1 per cent. Savers forced to jump through hoops to find the best accounts

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