Consumers are finding that savings account providers are withdrawing market-leading deals due to high demand.
Banks and building societies such as Britannia, the Co-operative, Principality and Cahoot have all closed high-interest fixed-rate savings bonds in the last week, with Melton Mowbray's Christmas Bond being offered for just three days.
According to Moneynet.co.uk, many Brits are now coming out of one or two-year savings deals which provided a good rate and are looking to jump onto similar quality products before they disappear.
With a two-year deal at 6.45 per cent in 2007, your £20,000 would have earned you £2580 gross over the term, where today's best two-year deal at 4.25 per cent will see your pre-tax interest return fall to just £1,700," explained Andrew Hagger, spokesperson for the website.
Lovemoney.com recently recommended a two-year fixed-rate savings account with the Islamic Bank of Britain, currently offering 4.5 per cent for those willing to invest their funds in ethical projects.
Best buy savings deals disappear
Financial Services > Saving Accounts > News
Best buy savings deals disappear
Wed, 09 Dec 2009
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