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Fixed rates savings deals 'disappearing'
Many fixed rates savings deals have been pulled from the market in the past two weeks, according to a recent report.
The rush of consumers has resulted in a vast reduction in the number of offers despite the influx of large numbers of the deals into the market over the last year, according to Andrew Hagger of Moneynet.co.uk.
He noted that "one of the main reasons for these bonds having such a short shelf life is down to people coming to the end of a very attractive deal from one or two years ago, trying to lock in to the very best rate they can find as a replacement".
Mr Hagger added: "The market is particularly competitive over the one and two year terms where there is no shortage of overseas and more niche players looking for a slice of the action."
Deals from Britannia, Skipton building society and the Post Office have vanished along with many others, Moneynet discovered.
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The rush of consumers has resulted in a vast reduction in the number of offers despite the influx of large numbers of the deals into the market over the last year, according to Andrew Hagger of Moneynet.co.uk.
He noted that "one of the main reasons for these bonds having such a short shelf life is down to people coming to the end of a very attractive deal from one or two years ago, trying to lock in to the very best rate they can find as a replacement".
Mr Hagger added: "The market is particularly competitive over the one and two year terms where there is no shortage of overseas and more niche players looking for a slice of the action."
Deals from Britannia, Skipton building society and the Post Office have vanished along with many others, Moneynet discovered.
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Published: 08/12/2009
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.