Two thirds (67%) of easy access savings accounts delay access to funds, new research by Spring has revealed.

The savings app said the research, conducted by MoneyComms, found that 67% of the top 30 easy access accounts either impose a cut-off time or don’t offer faster payments within two hours, meaning savers could face delays when trying to access their money.

According to Spring’s analysis, just three of the top 10 easy access providers offer faster payments, while the remaining seven providers set cut-off times or only offer access to funds the next working day.

Of the 30 providers analysed, 14 set a cut-off time for same-day access to funds. Spring found that 6 of the 30 providers require requests before 3 pm, otherwise transfers occur on the next business day, which the group said could pose a challenge for those needing immediate access. Some providers are imposing a cut-off time as early as 11am, the findings showed.

“Too many people choose to leave their savings with their current account provider to ensure its readily available,” head of money at Spring, Derek Sprawling, said.

“However, there’s no need to be tripped up by early cut-off times and slow payment processes; choose an easy access account with instant withdrawals to ensure you can access your money without compromising on rate.”

---