Over seven in 10 (73%) of easy access accounts either impose a cut-off time or fail to offer payments within two hours, research by Spring has found.

Research by the savings app revealed that of the top 30 providers of easy-access accounts, half have set a cut-off time for same-day access to funds, while a third require requests before 3pm, otherwise transfers are delayed until the next business day.

Spring found that five of the top easy access accounts commit to sending customers money back by the end of the next working day.

Head of money at Spring, Derek Sprawling, said: "Cut-off times and slow payment processing are a real challenge for many banks, and they’re a key reason why so many customers choose to leave their savings sitting in their current account. They want quick access to their money – especially in emergencies – and don’t want to be caught out by delays or complex restrictions."

Personal finance expert at MoneyComms, Andrew Hagger, added: "Most savers with an online easy access savings account probably assume that any withdrawal transfers to their nominated bank account would be made immediately, but that's often not the case.

"Many providers have a cut-off time for same-day transfers, and if you miss that, you won't receive your funds until the next working day, and cause big problems over a weekend."

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