Be prepared to switch to alternative moneysupermarket.com fixed-rate bonds

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Be prepared to switch to alternative moneysupermarket.com fixed-rate bonds

Savers have been told to consider switching to alternative moneysupermarket.com fixed-rate bonds in order to improve the state of their finances.

Kevin Mountford, head of banking at moneysupermarket.com, stated that many people could have bonds that are about to reach maturity.

He explained that failing to act at the right time could leave consumers out of pocket.

"Savers should make sure they contact their provider to establish the date when their fixed rate bond will mature and be prepared to switch to an account paying higher interest as quickly as they can," he said.

Mr Mountford therefore recommended that people be prepared to swap to alternative moneysupermarket.com fixed-rate bonds in order to avoid this problem in the future.

He warned savers to be wary of leading fixed-rate bonds that offer deals over three to five years, because if interest rates rise, they may find themselves on a rate that is no longer competitive.

The website recently welcomed the decision by the Office of Fair Trading that it will force providers to be more transparent about ISA rates.

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