The savings accounts with good rates but sneaky traps if you want your money: SYLVIA MORRIS

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Picking an easy access savings account with a good rate of interest is not easy when you need to watch out for all the catches.

Often top rates come with a bonus which lasts a year. You must make a diary note to move your money when the bonus vanishes or you’ll end up with a lousy rate.

Others limit the number of times you can take money out to between one and five a year, otherwise interest is slashed. 

You need to check if closing an account counts as one of those times you take money out – some do and some don’t. Some may have a minimum withdrawal limit, with one account set at £500.

And in a further twist you need to look at how quickly the money turns up after you put in your request to take it out.

With some accounts it usually whizzes back to a current account linked with your savings accounts in a matter of minutes, but you might have to wait a couple of hours.

In contrast, with others it can take up to three days, and these details are often hidden in the small print.

Often top rates come with a bonus which lasts a year. Usually once the deal that attracted you to join in the first place comes to an end, you are whizzed over to a much lower rate

Research by website MoneyComms highlights half of the 30 top-paying easy-access accounts say you must put in your withdrawal request by a certain time if you want your money back that day.

Shockingly, with a few your money won’t turn up until the next business day whatever time you request it.

Experts say this is one of the reasons we keep cash earning nothing in our current accounts – just under £300billion at the last count.

> Read more: Our round-up of the best current accounts 

We want quick access to our money – especially in emergencies – and don’t want to be caught out by delays or complex restrictions.

Among the worst supposedly easy access deals are a trio where you won’t get your money until the next business day. These come from Close Brothers (Easy Saver at 4.15pc), Vanquis (Triple Access Saver at 4.08pc) and Chetwood (Easy Access at 4.04 pc).

With others you can get your money the same day, but only if you meet deadlines.

You must make a diary note to move your money when the bonus vanishes or end up with a lousy rate, writes Sylvia Morris

Shawbrook’s Bonus Easy Access account, paying 4.31pc, has a hefty £500 minimum withdrawal. It says if you put in an online withdrawal request before 9.30pm the money should be in your account the next working day. But if you request your withdrawal by secure message, you must do so by 2.30pm.

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With Coventry’s Building Society’s new 4 Access Saver – 1 Year, paying 4.3pc, you are limited to four withdrawals and can take cash out straight away in a branch, whereas electronic payments will turn up in your current account by the next day.

At Ford Money (Flexible Saver at 4.04 pc) and RCI Bank (Freedom Account at 4 pc) the cut-off time for same day access is 1pm. After that you have to wait for the next working day. With Aldermore Double Access (4 pc) it’s 2pm, at Principality BS Online Bonus Triple Access (4.25pc), it’s 3.30pm, whereas Skipton (Bonus Saver at 4.16pc) sets the limit at 8pm.

Hodge Bank (Easy Access 4.21 pc) says you’ll usually receive your money on the same day the withdrawal is made, but on the rare occasion of any delays, you’ll receive your money by the end of the next working day.

Top accounts with same day faster payment transfers and no cut-off time include Cahoot’s Simple Saver at 4.4pc (including a 12-month bonus) and Spring’s 4.11pc deal, which has no bonus or withdrawal restrictions.

I don’t include accounts with bonuses or withdrawal restrictions in my star buys below but stick to plain easy access accounts.