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Sainsbury's warns on withdrawals restrictions

Around one in four of the UK's top savings accounts are subject to withdrawals restrictions, new data shows.According to Sainsbury's Finance, eight per cent of the accounts also carry direct penalties for people who take out more than they are allowed to by contract.The research also showed that around £165 billion of UK savings are controlled by these restrictions - and that around £46 billion of withdrawals have been subject to them over the past 12 months.Helen Cook, head of savings at the firm, said: "There are a number of accounts that offer a very attractive rate of return provided you don't make a withdrawal. "If you don't need to access your savings, these accounts can be very attractive, but if you have to take money out the rate of interest you receive can fall substantially."She added: "Given the rising cost of living and economic difficulties, it may be worth moving your savings to an account without penalties if you think you may have to access your savings."

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