Savings accounts with laughable names Savers could be losing out if they have their money in accounts with "grandiose" names such as "Midas Gold" or "Diamond Reserve," a consumer watchdog has warned. Many have interest rates not quite as glittering as titles such as "Triple Gold" or "Extra Special" suggest, a Which? survey said. It found that seven banks or building societies, including major names such as Barclays and Halifax, offered a rate of just 0.05pc for balances of more than £1,000. Which? called on the new regulator, the Financial Conduct Authority, to "clamp down on what we consider to be misleading product names." Many of the savings accounts now paying insulting returns once paid higher rates, it said. It pointed to the example of the NatWest Diamond Reserve account, which in September 1997 was paying 4.59pc AER, while the Halifax Liquid Gold account paid 3.7pc on balances of £3,000. "Neither matched the best deals available but they were far better than the current advertised rates of 0.1pc and 0.05pc respectively," the Which? report stated. It added: "While banks and building societies advertise attractive rates on other accounts to new customers, existing customers lose out with rates as low as 0.01pc." The best instant access savings deals today include a 2.25pc rate with Coventry Building Society on its PostSave Easy Access, which includes a bonus of 0.85pc in the first year. You can withdraw money only by requesting a cheque in writing. The first 12 withdrawals are penalty-free and after that you pay 30 days' interest on the amount withdrawn. The Post Office offers 2.1pc on its Instant Saver, which includes a 2pc bonus. Virgin Money Access E-Saver Issue 5 pays 2pc with no bonus. Extra Special Dudley BS Instant Sapphire Cambridge BS Savings Builder Barclays Liquid Gold Halifax Cashbuild Saffron BS Cash Stash First Trust Bank (NI) Gold Access Leeds BS Bonus Gold Gold Account Dunfermline BS Platinum Saver Lloyds TSB Midas Gold Danske Bank High Rise Norwich & Peterborough BS Extra High Interest Newcastle BS Diamond Reserve NatWest Triple Gold Derbyshire BS Source: Which? on 21/12/2012