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Fixed Interest Rate Bonds Shelf Life Hits New Low

Interest-Rates / Savings Accounts Nov 16, 2009 - 04:26 AM GMT

By: MoneyFacts

Interest-Rates

Savers looking to take out a fixed rate bond need to act fast after the average bond shelf-life fell to a new low of 23 days last month.

At its peak in March 2006, the average shelf-life of a fixed rate bond was 158 days.


Michelle Slade, spokesperson for Moneyfacts.co.uk commented:

“The demand for fixed rate investments continues to increase as savers look to maximise returns.

“Such high demand means that bonds are being fully subscribed quickly, causing providers to pull many of the most competitive deals and replace them with new issues.

“Historically the average shelf-life of a fixed rate bond was around 120 days, but this has fallen sharply as base rate has plummeted.

“Moneyfacts research shows that 34% of all savings searches are for fixed rate bond with the average amount invested standing at £40,076.

“Savers with maturing one year bonds will have seen the maximum interest rate available fall from 6.70% last year to 3.95%.

 “Savers with average amount invested will have seen the interest earned on their money fall by £1,157 to £1,612.

“If you want to secure the best deal, then act fast.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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