Best saving interest rates 'not available to everyone'

A new study has found that access restrictions are in place on 38 per cent of savings accounts.

The research, conducted by Defaqto, indicates that some consumers may be prevented from accessing many of the best savings interest rates.

Some 30 of the 79 accounts analysed had restricted availability, based upon such factors as current account status and the ability to make deposits from an external source.

Accounts may also be restricted based upon age, postcode and dependency factors, Defaqto found.

David Black, banking specialist at the firm, said regular monthly savings accounts have consistently offered some of the highest interest rates available in the savings market.

This is at a time when savers have faced "an incredibly difficult task" in trying to get a good rate of return on their money," he added.

"Consumers need to read the details very carefully to see whether they are likely to be eligible for the highest paying accounts," Mr Black said.

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2010-06-29 13:34:04 © Moneyextra.com