Act quickly to get the best fixed rate deals, savers have warned

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One in four people with cash are now putting money into fixed-rate accounts, according to new research from Investec.

The asset manager has discovered that 11 million savers have switched their money to fixed savings in the past year on expectations that the Bank of England’s base rate will soon fall. Nearly two-thirds opted for one-year deals.

But savers are being warned to act quickly to enjoy fixed interest payments of 5 percent or more as many deals are being made.

Lock-in: Savers are warned to act quickly to enjoy fixed interest payments of 5 percent or more as many deals are made

Lock-in: Savers are warned to act quickly to enjoy fixed interest payments of 5 percent or more as many deals are made

Half a dozen providers are still paying such rates — down from more than two dozen a month ago.

The base interest rate was maintained at 5.25 percent for the third month in December. Experts predict that inflation could fall quickly if inflation continues to decline. Inflation stands at 3.9 percent and is gradually declining from a high of 11.1 in October 2022.

The best one-year fixed rate bonds include an Investec Bank account paying 5.3 percent, Bank of London and The Middle East and Habib Bank paying 5.15 percent and Starling Bank paying 5 percent.

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