Savers 'accepting long-term deals to receive higher return'

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Savers 'accepting long-term deals to receive higher return'

Consumers are opting to invest their money in longer fixed-rate savings deals than they might otherwise have planned to, says a spokesperson from Moneynet.co.uk.

Andrew Hagger claimed there are plenty of people currently coming off fixed-rate deals of up to seven per cent interest, but they are increasingly having to take out long-term arrangements in order to secure a competitive return.

He said: "With rates at rock bottom, there's little incentive to save and many people are starting to wake up to the fact that the financial rewards are greater if they make overpayments on their mortgage."

In his view, it is bond rates that have suffered most, while the Isa market has also experienced cuts.

Mr Hagger suggested it is a difficult time for savers, since a dozen best-buy accounts were removed or altered in the past week.

Last month, he suggested the government will discourage the habit of saving by axing child trust funds.

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