Savers are now being penalised for making withdrawals from nine of the 15 highest-paying accounts labelled "easy" or "instant" access.

Banks are imposing strict caps on the number of withdrawals savers can make from accounts advertised as "easy" or "instant" access, research by The Telegraph has found. Nine of the 15 highest paying accounts now limit the number of withdrawals – typically to around four a year. The list includes the top six rates available. Any further access incurs harsh penalties, such as reducing the rate to 0.1pc. In some cases, savers will lose 60 days' worth of interest. The clampdown on withdrawals, which stretches the definitions of "instant" or "easy access" , represents the latest squeeze on savers. Banks have steadily chipped away at the rates paid to loyal savers, slashing the return on more than 1,000 accounts this year......Read more here