Savers are being urged to act now to ensure their savings are performing as best as they can as they may have just weeks left to act.
Experts at Shawbrook have urged individuals to check if their ISA and non-ISA accounts are due to mature before the end of the year.
Research from the group found there are up to 2.2 million accounts, including 1.2 million ISAs, due to mature before the end of 2024, worth a total of £73billion.
Adam Thrower, head of savings at banking group Shawbrook, said it’s important to act before your account matures, as it’s likely the funds will then be transferred into an account that is “lower than the rate you had been getting paid”.
He said an important thing to consider is if you want to move your cash into another fixed rate account or go for an easy access account instead.
Mr Thrower said: “This will depend on how often you’ll need access to your money. For those building a rainy-day fund, an easy access or notice account might be more suitable, as these accounts typically allow for easier access to your money without paying any early withdrawal fees.
“However, it is important to review the specific terms and conditions, as accessing your funds may still be subject to limitations or fees depending on the account provider.”
The bank has also issued a warning to older savers as Shawbrook research found over 40 percent of people aged over 55 plan on using their savings to fund their retirement
The savings expert cautioned: “A focus on short-term, easy-access accounts might be costing them a valuable opportunity in the long run.
“Utilising fixed rate accounts, and potentially opting for interest to be paid monthly you could have a steady income stream from your savings.
“These accounts will require you to lock your money away for a fixed period, but could provide better sustained rates in return.”
Each saver can save up to £20,000 a year in ISAs, and this can be divided between different types of ISAs, including cash ISAs and stocks and shares ISAs.
At the time of writing, you can still get rates of above five percent with a cash ISA, according to moneyfactscompare.co.uk.
If you’re thinking of moving your savings to a new provider, you may want to look at the switching offers several banks currently provide.
Santander is offering new customers £150, while Lloyds Bank is giving away £200 if you switch. You can also get an £180 cash incentive from NatWest while Nationwide offers £175.
