Savers already struggling to generate returns due to record low interest rates have been dealt another blow with the news that at least 12 best buy deals were recently withdrawn or altered in a single week.
Andrew Hagger of Moneynet.co.uk said that in the seven days from May 28th, financial institutions including Barclays, Nationwide, Northern
Rock and Chelsea Building Society either scrapped market-leading products or "slashed" their returns.
ISAs and fixed-rate bonds were among the savings vehicles affected by the changes.
He added that consumers coming off fixed-rate products offering up to seven per cent annual interest who are looking to reinvest will be forced to join the "hoards of other customers chasing a handful of half-decent accounts".
Savings deals disappear
Filed under Savings and Investments