Attention, savers! Over £116 billion in fixed-rate savings accounts are set to mature by year-end, and many could see their interest earnings nearly halved if they don’t act soon. Once these accounts expire, banks typically move your money into lower interest accounts, slashing returns.
Act now to avoid missing out! The current average rate on these maturing accounts is around 4.5%, but if you do nothing, your money might land in a variable-rate account offering only 2.4% for non-ISAs and 2.7% for ISAs. Checking your account and shopping around for better rates could significantly boost your earnings!
Skipton Building Society’s research found that a whopping 39% of people rarely move their money, with some finding the process too complicated or fearing they’ll make the wrong choice. Don’t let ‘money-moving paralysis’ hold you back. While many shift funds to the provider with the best rate, others keep their cash accessible. Regardless, it’s crucial to stay on top of your rates and options.
Remember, nearly one in ten don’t track their interest rates, and many haven’t switched accounts in years. Avoid the frustration of watching your savings’ interest plummet.
Join the savvy savers who switched accounts for better rates or took advantage of advisory services. Whether it’s recommitting to a fixed-rate option or exploring investments and pensions for long-term gains, there’s a strategy for everyone.
Stay proactive about your savings! Explore your options now and get the returns you deserve.