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Savings rates edge up, but easy access 'not so easy' Savings rates edge up, but easy access 'not so easy'
(35 minutes later)
Savings rates are at last beginning to edge upwards, but 'easy access' accounts are getting less easy to access, according to new research.Savings rates are at last beginning to edge upwards, but 'easy access' accounts are getting less easy to access, according to new research.
The website Moneyfacts said the average interest rate on the top ten savings accounts has risen from 1.39% a year ago, to 1.48% now.The website Moneyfacts said the average interest rate on the top ten savings accounts has risen from 1.39% a year ago, to 1.48% now.
But increasingly providers are placing tighter restrictions on how many times you can take cash out of such accounts.But increasingly providers are placing tighter restrictions on how many times you can take cash out of such accounts.
In some cases, savers are only allowed to withdraw money three times a year.In some cases, savers are only allowed to withdraw money three times a year.
Moneyfacts is suggesting that the regulator - the Financial Conduct Authority (FCA) - should investigate the matter.Moneyfacts is suggesting that the regulator - the Financial Conduct Authority (FCA) - should investigate the matter.
"Perhaps it's time the FCA started to look more closely at these restrictive accounts - transparency will only go so far after all," said Charlotte Nelson, a finance expert at Moneyfacts.co.uk. "Perhaps it's time the FCA started to look more closely at these restrictive accounts - transparency will only go so far after all," said Charlotte Nelson, a finance expert at Moneyfacts.
'Limited access''Limited access'
After years of record low savings rates, Moneyfacts said the small rise in rates "restores hope" in the market.After years of record low savings rates, Moneyfacts said the small rise in rates "restores hope" in the market.
The change comes ahead of an expected rise in the Bank of England base rate, which most analysts predict will come in 2016.The change comes ahead of an expected rise in the Bank of England base rate, which most analysts predict will come in 2016.
"However, while this is great news for any saver looking to maximise their returns, savers may be disappointed to find out that many accounts are now limiting access to their funds, with restrictions varying from a maximum of 150 withdrawals per year to just one," said Charlotte Nelson."However, while this is great news for any saver looking to maximise their returns, savers may be disappointed to find out that many accounts are now limiting access to their funds, with restrictions varying from a maximum of 150 withdrawals per year to just one," said Charlotte Nelson.
Most providers do make the restrictions clear.Most providers do make the restrictions clear.
Virgin Money - which allows three withdrawals a year - calls its account "Defined Access Saver".Virgin Money - which allows three withdrawals a year - calls its account "Defined Access Saver".
Chelsea Building Society - which also restricts withdrawals to three - markets its account as "Triple Access Saver".Chelsea Building Society - which also restricts withdrawals to three - markets its account as "Triple Access Saver".
And the Nationwide has a "Limited Access Saver", which allows five withdrawals a year on the top savings rate.And the Nationwide has a "Limited Access Saver", which allows five withdrawals a year on the top savings rate.
An FCA study into the cash savings market, published in January, found there were barriers to switching accounts.An FCA study into the cash savings market, published in January, found there were barriers to switching accounts.
It found that 80% of easy access accounts had not been switched in the last three years.It found that 80% of easy access accounts had not been switched in the last three years.