Scottish Widows Five-Year Fixed-Term Deposit Account 'very popular'

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Scottish Widows Five-Year Fixed-Term Deposit Account 'very popular'

The Fair Investment Company (FIC) has highlighted the popularity of the Scottish Widows Five-Year Fixed-Term Deposit Account and the emergence of an online trend.

Head of investment and pension research at the FIC George Ladds claimed that people who are applying for savings products on the internet seem to be going for longer-term options.

In comparison, he stated individuals that head to the High Street to organise their banking strategy tend to sign up for shorter fixes.

"This could be because people going into their bank are not aware of the longer term deals that are available online and would maybe go for a five-year fixed rate if they knew they could get a better return," he remarked.

Mr Ladds explained that the Scottish Widows Five-Year Fixed-Term Deposit Account is currently very popular on the FIC website and is a good example of this trend.

In his view, people who are able to lock their funds into a product tend to get better returns and can protect themselves from falling interest rates for longer.

He suggested that long-term fixed-rate deals are the most sensible options in terms of savings, since individuals cannot stop interest rates from falling.

His comments were made in response to research by Moneyfacts.co.uk, which stated that 5.5 million savers will see accounts mature this year and are likely to find that their return on investment drops due to the deals on offer.

The firm suggested that savers will receive 23.3 per cent less interest currently than they would have done nine months ago.

Mr Ladds agreed with the study and noted that it this is "unfortunately" the case.

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