Defaqto finds restrictions on 38% of monthly savings accounts

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Defaqto finds restrictions on 38% of monthly savings accounts

Tue 29th Jun 2010

Consumers looking to open a monthly savings account are likely to face some form of restriction, according to Defaqto.

The independent financial research company has revealed that 30 out of the 79 regular savings accounts have some form of restricted availability imposed on them.

It also uncovered the fact that the nine highest-paying accounts all had some form of restrictions in place, which mean that some people may not be able to access the most competitive rates at all.

Some of the conditions that were imposed by the providers included having, or being forced to open, a current account with the chosen provider or having a specified additional savings product with them.

Other guidelines that were in place with some institutions ranged from living in the same local area as a branch to falling within a specific age range.

One company that has recently made changes to its savings products is Sainsbury's Finance, which has added 0.2 per cent to its rate of interest.

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