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Bank claims: Savers warned against long-term fixed bonds

Savers have been warned against locking into a long-term fixed rate bond as they will miss out on interest if rates rise.

Earlier this week, financial website thisismoney.co.uk revealed that some of Britain's biggest banks are concerned that the current best-buy bond rates are not sustainable in the present economic climate.

A selection of banks, including HSBC, are actually losing money by offering such low rates to savers, with firms paying up to seven times more than the 0.5 per cent base rate to offer best-buy low-rate bonds.

Jasmine Birtles, founder of moneymagpie.com, expressed his belief that the Bank of England will increase base rates, leaving fixed-rate savers out of pocket.

She said: "At the moment banks are really not giving very much and I think they will gradually be forced to but it depends. If they all keep rates low then there is no competition.

"Really and truly I think it's better not to get a long-term saving bond, a fixed rate bond, because rates are likely to go up."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800119818-ADNFCR



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