Consumers must inspect fixed-rate bonds, says moneysupermarket.com

www.moneynews.co.uk > Banking > Consumers must inspect fixed-rate bonds, says moneysupermarket.com

Consumers must inspect fixed-rate bonds, says moneysupermarket.com

Fri 9th Oct 2009

Consumers who have taken out a fixed-rate bond should check the terms of the product so that they know when any special rate expires, says moneysupermarket.com.

Head of banking at the comparison site Kevin Mountford pointed out that many financial services providers will switch people's accounts over to a low-return product when the term of a higher-rate deal runs out.

He highlighted the need for people to know when their current deal ends so that they can ensure they continue to receive a high rate of interest, even if that means switching providers.

Mr Mountford also advised people to be cautious when considering putting their money into fixed-term bonds of more than one or two years, although he feels that there are good deals to be had.

"It is crucial that people keep an eye on their bonds and be aware of when they mature, otherwise they're likely to lose out on a significant amount of interest," he added.

This week, comparison website uSwitch highlighted how ten providers of fixed-term bonds have cut their rates by up to 0.55 per cent when they withdraw a product and replace it with another.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'