The dramatic events of the past fortnight have worried ordinary savers far removed from Wall Street or the City of London. The collapse of Lehman Brothers and the takeover of HBOS reminded consumers of the vulnerability of even the most trusted institutions and savers have been left wondering how to safeguard their life savings from the financial crisis.

A survey for The Times by Populus, the pollster, found that almost 50 per cent of Britons were worried about the security of their money and suggested that we are turning in droves to traditional safe havens.

In the first three months of this financial year deposits in National Savings & Investments (NS&I), the government-backed savings provider, were up almost 25 per cent on the same period last year.

In all likelihood, the Government would step in to guarantee deposits if a major UK bank got into difficulties. There is also the existing compensation scheme, which guarantees deposits up to £35,000 in the event of a bank going bust. Kevin Mountford, of Moneysupermarket.com, the comparison website, reports record traffic on the site's savings pages as consumers with deposits of more than £35,000 rush to spread their money across a range of providers. He says: “At the moment the only answer for those with considerable savings is multiple accounts, or accounts with NS&I or Northern Rock, which are not always the most competitive.”

Deposits in both NS&I and Northern Rock, which is also government-owned, are fully guaranteed.

So how easy is it to withdraw or transfer your cash at short notice if you are worried about your savings?Many are finding out that it is not as easy as they imagined.

For a start, hundreds of thousands of savers have given up immediate access to their cash in exchange for the high interest rates on fixed-term accounts. Anyone who withdraws cash before the end of the term faces penalties. For example, Abbey, Bank of Scotland, Chelsea Building Society, Northern Rock and Norwich and Peterborough Building Society all punish withdrawals by deducting 180 days' interest, while HSBC charges up to £200 if you close its High Interest Deposit Bond account before the fixed term ends.

Even savers with instant-access accounts should read the small print carefully. There are 663 instant or easy-access savings accounts, according to Moneyfacts.co.uk, the financial website, but about half have restrictions on withdrawals. More than a quarter limit the number of times each year that you can take out cash, while others charge a nominal sum each time you do so. For example, Yorkshire Bank charges £5 for counter withdrawals on its Instant Savings Account. There may also be a cap on how much you can take out each day. Manchester Building Society has a £250 limit on withdrawals from its Premier Instant Account.

Internet-only accounts impose further restrictions. You can transfer money only to a nominated account, which may need to be a current account with the same bank. And there are also extra passwords and PINs to remember for security.

Closing accounts can also invoke charges. For example, if you close a NatWest savings account and transfer your balance to another bank, NatWest imposes a £23 charge.

To find out how easy it is for savers to access their cash, four members of the Times Money team tried to withdraw funds from their savings accounts. Here's what happened.

Mark Atherton - Alliance & Leicester savings account

“The first stumbling block was how to access my cash. I needed to call to find out, but to find the number of my local branch I had to trawl Alliance & Leicester's website. When I rang, I was told that I could not withdraw money by telephone instruction but would have to visit in person. Since I work in London and my branch is in the suburbs, I had to wait until the weekend to access my cash.”

Lauren Thompson - Nationwide Cashbuilder savings account

“Withdrawing the pitiful balance of £2.12 was more complicated than I had hoped. First, I called the Nationwide branch in Matlock, Derbyshire, where I set up the account. I was told that I could not access my money by phone, but that I could go into my local branch in London with my statement and a passport, or driving licence, to make a withdrawal. I went into the Fenchurch Street branch. At first the cashier told me that I would need to order a new card, but then seemed to change her mind, and closed the account and handed me the £2.12 - though not before asking if I wanted to buy home insurance, which I declined.”

Rebecca O'Connor - ING Direct

“The first problem I encountered when I tried to retrieve the £8 left in my account was that I needed to remember my telephone PIN. After I racked my brain, the number came to me, but then the operator told me that ING would transfer the cash only into the current account that was linked to my savings account. But since joining ING I had changed current account, so I asked if ING could send me a cheque instead.

“Again the answer was no. I would have to send a cheque from my new current account to make it the new linked account before I could withdraw the money. In other words, I would have to make a deposit in order to close my account. I spoke to a manager and asked if there was any way round this. She said that I would have to send a bank statement to prove that my new account is mine. ING will then transfer the money, and only then can I gain access to my savings.”

James Charles - Bradford & Bingley internet savings account

“Trying to withdraw money from my 'easy access' account was anything but easy. This was partly my fault. I had two numbers written down, against the advice of countless security experts, and did not know which was my account number and which was my password. I was sent this information, but I recycled the original letters. The website offered no clues and refused to log me in when I tried the codes in either position. When I called Bradford & Bingley, my account number was confirmed and I was promised a new password the following day. It arrived five days later but the website still refused to log me in. I rang up again but was on hold for so long that I gave up.”