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Bank charges: Avoid long-term fixed-rate savings accounts

Britons who are looking to earn some interest on savings after paying hefty bank charges should avoid any long-term accounts.

That is according to Jason Butler, partner at Bloomsbury Financial Planning, who claimed that UK savers should look to open a variable rate account to ensure that they benefit when interest rates eventually rise from their historic low.

He said: "If you are saving short term money, I would be very loath to be locking money up into long-term, fixed rate savings accounts.

"Unless you really need to know the return I would avoid fixed rate, long term savings. [This is] because the chances are rates will rise and you will be worse off, stuck in an account that is not offering you any return."

F&C Investment's recent survey on attitudes towards saving has revealed that the vast majority of consumers recognised that saving and investing was a good idea, although were worried about the risk of investing.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800599729-ADNFCR

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