The SIX bank accounts you should beware. They suck you in with great rates… but this small print could cost you: SYLVIA MORRIS reveals the worst offenders

By SYLVIA MORRIS

Updated: 17:18 BST, 17 June 2025

Savers looking for a top easy-access account need to watch out. Eye-catching rates may look enticing, but dig a little deeper and things start to look very different.

I’ve trawled through the small print of six top-paying accounts – which all pay over 4.5pc – to find the details that are likely to slip you up.

The best-paying account is offered by Chase Bank, a generous-looking 5pc. But the rate includes a 2.25pc bonus fixed for 12 months. After that, you’ll earn just 2.75pc. If you go for it, I would put a note in your diary to switch after a year. I also found in the terms and conditions that this account is only on offer if you sign up for its current account.

Next up is Cahoot, the online offshoot of Santander, which also pays 5pc on its Sunny Day Saver. The issue with this one is that you can only put in a maximum of £3,000. Great for savers starting out but not so good for those who have built up a decent pot.

Sylvia Morris has trawled through the small print of six top-paying accounts – which all pay over 4.5pc – to find the details that are likely to slip you up

Atom Bank’s Instant Saver Reward offers 4.75pc. But you’ll only see this rate if you leave your money untouched for 12 months. If you make a withdrawal, you earn just 2.5pc in that month. I think Coventry BS 4 Access Saver might prove a better option. It pays a lower 4.5pc but lets you make four withdrawals a year without your rate dropping.

Next up is Snoop with its app-based Easy Access account that pays 4.6pc. It is not a bank itself and funnels your money into Vanquis Bank where it is held in trust by a third party, Bondsmith. You can take money out whenever you want. You’ll get it the same day if you put in your request before 11am. Ask after that and you won’t see it until the next working day.

There there is Cahoot’s Simple Saver at 4.55pc. Withdrawals turn up quickly and there are no rules on how many you can make. The rate includes a boost for the first 12 months after which you need to move your money. Or you will find yourself in Cahoot Savings account with pays just 1pc.

App-based Sidekick pays 4.51pc including a bonus paid for 12 months.

Your money ends up with Oaknorth Bank which pays 3.95pc.

Sidekick then adds a 0.56 percentage point bonus during your first year, paid for out of the fees paid by Oaknorth to Sidekick for promoting its account. You can take money out whenever you wish.

Nab £25 just in time for Christmas

Principality Building Society has a reputation for offering good regular savings plans.

And it has just come out with another cracker.

While we might be enjoying a heatwave, Christmas is just over six months away.

The society’s new six-month regular savings plan will come to an end just before then if you take it out now. It pays a top rate of 7.5pc, and is available online or through its branches.

You can save up to £200 a month – a total of £1,200 – and the rate is fixed during the term.

If you put in the full amount you will end up with £1,225, including £25 interest.

You can’t make any withdrawals but you can close the account if you need to. And if you don’t use the money for Christmas shopping, you can always move it into a cash Isa where interest will be tax-free.

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The SIX bank accounts you should beware. They suck you in with great rates… but this small print could cost you: SYLVIA MORRIS reveals the worst offenders

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