The average interest rate on a true high street easy access savings account has fallen below 1%, Spring has revealed.

The savings app’s latest data analysis found that the average rate now stands at 0.96%, with just four of the nine top banks offering a 1% interest rate on easy access accounts, while three offer 0.75%.

Spring’s data also showed that 70% of the top 50 easy access savings accounts come with some form of restriction, such as tiered rates, bonuses or withdrawal penalties, while just 15 accounts are classed as “pure” easy access, with no withdrawal limits, fees or restrictions.

Of the easy access accounts analysed, 24% are boosted by a short-term bonus rate, while 42% come with withdrawal restrictions.

A further 28% impose an interest penalty, and 12% have an account restriction, such as needing a current account, a high minimum balance or no interest paid below a certain amount.

Head of money at Spring, Derek Sprawling, said that many savers choose an easy access account because they "want the reassurance they can get to their money whenever they need it", without having to worry about penalties or conditions.

He added: "Our analysis shows that, in many cases, so-called easy access accounts are not as straightforward as they first appear, with restrictions, bonus rates and withdrawal limits all potentially affecting how much flexibility savers really have.

"At a time when many people are working hard to build up a financial cushion, it is disappointing to see some of the biggest banks offering an average of just 0.96% on true easy access savings. Savers should look beyond the headline rate and check carefully for any strings attached, because an account that offers both a competitive rate and genuine flexibility can make a real difference to how hard their money works."

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