Savers penalised for 'instant access' withdrawals In addition, figures from the Bank of England show that rates on the best new easy access accounts have fallen from 1.53pc a year ago to 0.76pc today. Now banks are tightening the screws further by using withdrawal penalties. Imposing a cap on withdrawals is not a new practice, but for the last year it has remained fairly uncommon. It is particularly bad news for savers who use a savings account to store money that would otherwise sit unused in a current account. But it will also affect people trying hard to save a little each month, but with a need to dip in for necessary spending from time to time. Anna Bowes, director of rate monitoring website SavingsChampion.co.uk, said: "Since bonus accounts are less appealing to banks and building societies at the moment, restricted withdrawals on so-called easy access accounts are another way to bamboozle savers; if they don't follow the rules, the rates they earn will plummet." Currently, the best easy access rate is offered by Britannia, part of the Co-operative Bank, which pays 1.75pc. The account allows four free withdrawals a year. Any subsequent access sees the rate cut to 0.1pc. The Nottingham BS Forest Saver also pays 1.75pc and allows just six withdrawals a year. The account is only available in branch. Similarly Tipton and Coseley BS Hallmark Access, which is only available to local people (or existing customers), pays 1.7pc but allows just three withdrawals a year, according to comparison website Savings Champion. The third best rate available to more than just existing customers is the West Brom Branch Easy Access Saver 3. It pays 1.6pc but allows just two free withdrawals a year. Any subsequent access incurs 60 days lost interest. Coventry BS pays 1.6pc but caps withdrawals at four per year. Further access incurs a 50 day loss of interest.