Savings accounts bonuses ending, warns moneysupermarket.com

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Savings accounts bonuses ending, warns moneysupermarket.com

Consumers who took out a best buy savings rate last year have been advised to check when it ends.

Price comparison site moneysupermarket.com advised those who took out this form of account to ensure they switch soon to avoid becoming stuck in a lower rate.

It explained that bonuses are a great way for people to give their savings a boost, but warned that it is up to the individual to keep track of when they expire.

Research into the difference in the rates offered between the bonus and standard accounts from some institutions revealed that an investment of £5,100 could accrue £130 less interest.

Kevin Mountford, head of savings at moneysupermarket.com, said: "It's well worth taking advantage of easy access accounts with bonuses, but once the introductory offer has ended the account has served its purpose."

Earlier this month, moneynet.co.uk advised consumers to go online to look for the best savings rates.

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