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Fixed rate savings under attack

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Thousands of savers who are about to reach the end of fixed rate savings deals are being warned to prepare for a sharp drop in rates as banks and building societies pull their best accounts.

 

Skipton Building Society has withdrawn two best-buy five year fixed deals in the past two weeks. Its latest, paying 5.16 per cent for five years, was withdrawn after being available for less than a week. The Post Office, Principality, Britannia and the Co-operative Bank have also withdrawn best buy rates recently, according to a survey by the comparison website Moneynet.co.uk.

 

Andrew Hagger of Moneynet said: “One of the main reasons for these bonds having such a short shelf life is down to people coming to the end of a very attractive deal from one or two years ago trying to lock in to the very best rate they can find as a replacement.”

 

Savers who fixed their interest rate 12 months ago with ICICI Bank and Anglo Irish Bank could be coming off deals paying 5.75 per cent. Someone with a £20,000 balance will have received £1,150 in interest before tax on 5.75 per cent, whereas the best one-year deal today, with State Bank of India at 3.75 per cent, will net them £400 less at £750 before tax.

 

More:

 

Fixed rate savings under attack - Times Online


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