Banking News Top Savings Accounts Penalise More Than 18 Million Brits Claims Sainsburys 2411

‘Top’ savings accounts penalise more than 18 million Brits claims Sainsbury’s

27 October 2008 / by Rebecca Sargent
Millions of Brits are being penalised for withdrawing money from their savings accounts, new research from Sainsbury’s Finance has revealed.

Sainsbury’s research has found that more than 13 million people claim to have £165billion invested in easy access savings accounts that impose penalties on withdrawals. A further 5 million people claim to have money in penalty accounts but are unsure of the amount.

Furthermore, the analysis of the top 50 instant access savings accounts found that 24 per cent restrict the number of withdrawals allowed on the account and 8 per cent charge for the pleasure.

Written by Editorial Team