We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Secured Loans > Savings rates rising but ‘easy access’ increasingly limited

Savings rates rising but ‘easy access’ increasingly limited

21st August 2015 | Published by Evolution Money

empty-piggy-250x166Interest rates for savings accounts are finally beginning to rise, says an independent financial information website. However, so called easy access accounts are, in fact, becoming less easy to access.

According to new research by Moneyfacts, average interest rates on the most popular ten savings accounts has risen to 1.49 per cent, up from 1.39 per cent twelve months ago.

But Moneyfacts found that some of the providers of these savings accounts are limiting their customers’ access to their money. Some limit savers to withdrawing their money just three times a year.

Moneyfacts suggests that these providers are investigated by the Financial Conduct Authority, (FCA).

Financial expert at Moneyfacts, Charlotte Nelson, said that the small rate increase ‘restores hope’ to savers but that many savers will be disappointed to see that their providers are limiting the number of times they can withdraw their own funds. Virgin Money, for example, only allows savers to take out their savings three times during a twelve month period as does Chelsea Building Society. The Nationwide permits five withdrawals per year.

The FCA found earlier this year that moving savings from one provider to another can be difficult and that only 20 per cent of easy access savings accounts had been switched from one provider to another during the previous twelve months.

In its report published in January of this year, the financial watchdog said that savers should be given more information and that the process of moving their money from one savings provider to another should be more straightforward. It proposed a series of measures to make switching savings accounts easier and to force providers to state their interest rates clearly in summary boxes on statements. The FCA will also publish details of firms offering the lowest interest rates on its own website.

Category: Homepage, Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookie Policy | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution