Savers with fixed rate savings accounts that are soon to expire have been urged to make sure they continue to get a good interest rate on their savings.
Some £12.2billion was put in fixed term accounts in October 2022 as people locked away funds to take advantage of high interest rates.
Many of these accounts will now mature with rates dropping to as low as 0.1 percent but people can continue to get high rates if they shop around.
The top-paying fixed rate account is currently with NS&I, which offers 6.2 percent on its Guaranteed Growth Bonds and Guaranteed Income Bonds.
Banks are required to contact savers when their account is about to expire, so Britons may want to take this as a sign that it’s time to look around for a good interest rate.
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Other top paying one year fixed rate accounts available at the time of writing, as listed on moneyfactscompare.co.uk, include:
- Al Rayan Bank – Raisin UK – One Year Fixed Term Deposit – 6.12 percent
- Oxbury Bank – Personal One Year Bond Account – Issue 32 – 6.11 percent
- Union Bank of India (UK) Ltd – Fixed Rate Deposit – 6.11 percent.
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Savers with funds in fixed rate accounts may also want to switch to an easy access account so they can get at the money more easily.
Some of the top-paying accounts include:
- Chorley Building Society – North West Easy Access Saver (One withdrawal) – 5.2 percent
- Coventry Building Society – Triple Access Saver (Online) – 5.2 percent
- Ulster Bank – Loyalty Saver – 5.2 percent.
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The Bank of England has consistently increased the base interest rate for more than a year and a half, although it held the base rate at 5.25 percent in its latest decision.
Many banks and building societies have continually upped their rates to reflect this meaning many savers may be missing out on a better return for their savings.
Some experts are predicting the central bank could hike the base rate further meaning even better rates could be on the way for savers.
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