Those with fixed-rate savings bonds should be looking to move to a different provider when the product reaches maturity, one financial advice website has said.
According to moneysupermarket.com, customers should avoid having their money transferred into a standard easy access savings account with a poor rate of interest when their current deal ends.
Savings in the 2004 five-year fixed-rate bond from Capital One will drop 5.1 per cent when it ends this year, meaning that a £15,000 deposit will earn £765 less for the customer.
Kevin Mountford, head of banking at moneysupermarket.com, said: "It is crucial that people keep an eye on their bonds, and be aware of when they mature, otherwise they're likely to lose out on a significant amount of interest."
Barclays recently announced one, two and five-year fixed-rate savings bonds at up to three per cent, 4.25 per cent and 5.25 per cent respectively for deposits of more than £500.
Savings bond customers should switch at maturity
Financial Services > Saving Accounts > News
Savings bond customers should switch at maturity
Fri, 09 Oct 2009
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