British people who were tempted to lock the interest on their savings with a fixed-rate account as the base rate started to fall over a year ago are now kicking themselves, according to research.
Consumers rushed to make sure they could get a good deal on their savings as interest plummeted, but uSwitch.com believes they did not look at the other aspects of the products.
Figures from the website showed that six per cent regret locking their money away, nearly one in ten have withdrawn some of their money and 36 per cent of those incurred a fine for doing so.
Rumina Hassam, savings expert at uSwitch.com, said: "Almost half of the [fixed-rate] accounts available do not allow consumers to access their cash under any circumstances which, in a climate of recession and redundancy, this is a dangerous situation for some people."
Supermarket giant Sainsburys recently unveiled a new online savings account which pays three per cent gross with the allowance of three withdrawals over the year.
Brits regret locking savings into fixed-rate accounts
Financial Services > Saving Accounts > News
Brits regret locking savings into fixed-rate accounts
Tue, 29 Sep 2009
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