Money News

Top savings bonds are selling out in record time

Monday, 16 November 2009 Writes Hazel Cottrell hazel.cottrell@consumerchoices.co.uk

Savers looking to secure a competitive fixed-rate bond need to act fast, as the average bond is only available for 23 days.

The average shelf-life for fixed-rate savings bonds hit a new low last month, as savers rushed to snap up competitive deals.

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

At its peak in March 2006, the average shelf-life of a fixed-rate bond was 158 days. But this has fallen dramatically over the last year and was just 23 days last month, according to financial information company Moneyfacts (www.moneyfacts.co.uk).

Michelle Slade, spokesperson for Moneyfacts said: “The demand for fixed-rate investments continues to increase as savers look to maximise returns.”

She said that such high demand means bonds are becoming fully subscribed quickly, causing providers to pull many of the most competitive deals and replace them with new issues.

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

Chris Eagle, commercial manager at Creditchoices.co.uk said: “If you see a great deal then chances are it won’t be around for long.

“Barclays (www.barclays.com) is offering an attractive range of fixed-rate bonds, with terms from one year to five years, which allow you to earn up to 5% interest. Check them out while you still can.”

More information on Barclays fixed-rate bonds