Derin Clark

Derin Clark

Online Reporter
Published: 25/09/2019

Savers wanting to get the best rates on an easy access savings account may have to opt for one with withdrawal restrictions, as half of the accounts offering the top 10 highest rates have some sort of withdrawal restriction.

Those looking for an easy access cash ISA have even more limited choice when looking for an option that allows unrestricted withdrawals with all the top 10 highest rates either having opening restrictions or restrictions on withdrawals.

Easy access savings accounts

Research carried out by Moneyfacts.co.uk found that five of the top 10 highest rates available in the easy access savings chart had withdrawal restrictions, and just three allow unlimited withdrawals with no restrictions, as two accounts require access to be via a nominated account.

Provider Account Rate AER Withdrawal restriction
Al Rayan Bank Everyday Saver 1.45% (expected profit rate) None
Cynergy Bank Online Easy Access Account – Issue 25 1.45% (includes a 0.70% bonus for 12 months) Via nominated account
Marcus by Goldman Sachs® Online Savings Account 1.45% (includes a 0.10% bonus for 12 months) None
Virgin Money Man Utd Double Take E-Saver Issue 7 1.45% Two withdrawals per calendar year including closure
Virgin Money Double Take E-Saver Issue 12 1.45% Two withdrawals per calendar year including closure
Ford Money* Flexible Saver 1.42% None
Britannia Select Access Saver 10 1.40% Lower rate paid if more than four withdrawals are made per annum
Chelsea Building Society 1 Year Limited Access Saver 1.40% One withdrawal day per account year
Gatehouse Bank Easy Access Account 1.40% (expected profit rate) Via nominated account
Yorkshire Building Society 1 Year Limited Access Saver 1.40% One withdrawal day per account year

Savers looking for an easy access account with unlimited withdrawals that have no restrictions will be pleased to see that the top rate in the chart has no withdrawal restrictions. Al Rayan Bank’s Everyday Saver offers an expected profit rate of 1.61% and allows unlimited further additions and withdrawals. The other accounts without withdrawal restrictions offering a rate within the top 10 are Marcus by Goldman Sachs® paying 1.45% on its Online Savings Account, Ford Money offering 1.42% on its Flexible Saver, Cynergy Bank paying 1.45% on its Online Easy Access Account – Issue 25, and Gatehouse Bank offering an expected profit rate of 1.40% on its Easy Access Account. Savers should be aware that Ford Money's Flexible Saver is available to existing customers only. 

Meanwhile, Virgin Money only allows two withdrawals per year on its Man Utd Double Take E-Saver Issue 7 and Double Take E-Saver Issue 12 accounts, both paying 1.45%. Britannia, which pays 1.40% on its Select Access Saver 10, pays a lower rate if more than four withdrawals are made per annum, while both Chelsea Building Society’s 1 Year Limited Access Saver and Yorkshire Building Society’s 1 Year Limited Access Saver both pay 1.40% and restrict withdrawals to one day per account year.

Easy access cash ISAs

Looking at the top 10 highest rates in the easy access cash ISAs charts, five ISAs have withdrawal restrictions. The remaining five ISAs, all of which are from Scottish Building Society, are restricted to existing customers only, with the rate paid varying according to the tax year of the original investment. This means that savers who are not already banking with Scottish Building Society will have to opt for an easy access ISA with withdrawal restrictions in order to get one of the highest rates available.

Provider Account Rate AER Withdrawal restriction
Scottish Building Society Loyalty Cash ISA 1.65% None
Scottish Building Society Loyalty Cash ISA 1.55% None
Scottish Building Society Loyalty Cash ISA 1.50% None
Scottish Building Society Loyalty Cash ISA 1.45% None
Virgin Money Double Take E-ISA Issue 11 1.45% Two withdrawals per calendar year
Virgin Money Man Utd Double Take E-ISA Issue 10 1.45% Two withdrawals per calendar year
Coventry Building Society Limited Access ISA 1.44% (includes 0.29% bonus until 31.01.2021) Three penalty-free withdrawals per annum, further withdrawals subject to 50 days’ loss of interest
Chelsea Building Society 1 Year Limited Access Saver ISA 1.40% One withdrawal day per account year
Scottish Building Society Loyalty Cash ISA 1.40% None
Yorkshire Building Society 1 Year Limited Access Saver ISA 1.40% One withdrawal day per account year

While Scottish Building Society dominates the chart, paying 1.65%, 1.55%, 1.50%, 1.45% and 1.40% with its Loyalty Cash ISA that does not have any withdrawal restrictions, all the ISAs can only be opened by existing customers only either in branch or by post. Both the Double Take E-ISA Issue 11 and Man Utd Double Take E-ISA Issue 10 from Virgin Money pay 1.45% and restrict withdrawals to two per calendar year. Limited Access ISA from Coventry Building Society pays 1.44% but restricts withdrawals to three penalty-free withdrawals per annum, then all other withdrawals are subject to 50 days’ loss of interest, while Chelsea Building Society’s 1 Year Limited Access Saver ISA and Yorkshire Building Society’s 1 Year Limited Access Saver ISA both pay 1.40% and restrict withdrawals to one day per account year.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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