ICICI Bank, for example, had a one-year bond paying 7.20% but when the term ends savers will see the rate drop to 1.70%. Someone with £15,000 invested would have earned £1,080.00 in gross interest over the past 12 months - their return over the next year will plunge to just £255 if they do nothing.
And it's not only those who put money in a fixed rate account last year who need to be on their toes. One of the leading deals this time three years ago was Northern Rock's three-year Fixed Rate Bond Issue 261, which has been paying 5.50%. However, the rate plunges to just 0.25% on maturity, so savers who have been enjoying gross annual interest of £855.00 on a £15,000 balance will see that tumble to just £37.50.
Kevin Mountford, moneysupermarket.com's head of banking, said: "A lot of people will be in for a shock if they do nothing about moving the money they have in maturing bonds. The majority default to a lower rate, which is often uncompetitive, so the onus is on the saver to make sure their cash is working as hard as possible for them."
So where should you put your money?
You won't be able to get another deal paying 7.00%, but that's not surprising given the Bank of England base rate is just 0.50%. That said, you can benefit from rates significantly higher than base rate.
And it's not only those coming off fixed rate deals who need to take action - millions of other savers could boost their returns by moving money they have languishing in uncompetitive accounts.
Fix again
You can't normally access your money during the term of a fixed rate bond (and even if you can you will probably be charged a penalty for doing so). However, if you have savings you won't need to dip into, a fixed rate deal is worth considering because the rates are higher than those available on the leading easy access accounts.
The highest paying bonds have rates of between 5.00% and 5.40%, but they are all five-year deals. With the base rate at a record low, many savings experts think it inadvisable to lock your money away for such a long period at the moment in case you find yourself stuck on a rate that becomes uncompetitive.
Kevin said: "Many economists don't expect base rate to change until next year, then it's all a question about how far and how quickly it increases. With that in mind I think two-year fixed bonds do look quite appealing at the moment - you might even want to lock in for three years, although I probably wouldn't fix for longer than that."
Barnsley Building Society has the highest three-year fixed rate online bond at 4.70%. It ends on November 30, 2013 so it's worth noting that the product currently lasts slightly longer than three years.
Of the two-year products, The AA's Internet two-year fixed rate bond and ICICI Bank's two-year Fixed Rate HiSave account are both paying 4.35%, while Birmingham Midshires and Kent Reliance both have deals at 4.25%, and Abbey has a two-year bond at 4.20%.
Keep it accessible
Even if your money has been tied up in a fixed rate bond, you may feel you can't afford to lock it away again. If you want to retain access to your money, an easy access account is what you need. And the good news is that, even though rates are lower than those on fixed rate bonds, you can still earn significantly more than base rate.
Citibank's new Flexible Saver Issue 6 is paying a market-leading rate of 3.30% on balances of £1 or more. ING Direct's Savings Account has a rate of 3.20%, while Alliance & Leicester's Online Saver Issue 5 and Birmingham Midshires' Telephone Extra account are both paying 3.15%.
However, the key thing to note is that all of these deals include introductory bonuses which last for 12 months, so you should look to move your money again once the bonus period ends.
Don't forget tax breaks
Activity is picking up in the cash ISA market at the moment, which is unusual given the time of year. However, the reason is that the ISA rules are changing: from 6 October those aged 50 or over will be able to invest £5,100 a year in a cash ISA - up from £3,600 at the moment. Savers under the age of 50 will benefit from the new higher limit from 6 April next year.
Interest on cash ISAs is tax-free, so it's well worth taking advantage of your annual allowance. However, given the flurry of activity we've seen in recent days, rather than worth opening an account now, it's probably worth holding off for a couple of weeks as we're likely to see more new deals launched ahead of 6 October so you may be able to get a better rate if you wait.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Products underlined can be applied for directly.
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