Millions of Brits warned to take action now as popular savings accounts set to expire in WEEKS

Savings and investment concept, pink piggy bank with calculator on pile or economic analysis report chart and graph on office table. Credit: Getty MILLIONS of Brits are being urged to check their savings accounts as many are set to expire in just weeks. Around £35.7billion worth of cash held is held in fixed rate accounts where the interest rate is set to expire this month, according to analysis of CACI data by Skipton Building Society. It comes after an even bigger wave of accounts expired earlier this year, with Paragon Bank analysis showing almost three million fixed-term savings deals worth £90.7billion ended between April and June. Savers whose deals are ending risk losing out if they simply leave their cash where it is, as money can be moved into a lower-paying account or onto a lower interest rate once the fixed deal expires. Sign up for the Money newsletter Thank you! Fixed rate accounts are where you lock in an interest rate for a set period of time, often one year, but in return you can’t take your money out during the period. These accounts have historically paid higher rates than easy-access accounts, where you can move your money in and out whenever you like. But there is some good news for anyone shopping around now, as fixed savings rates have been climbing again recently – so you could lock in another good deal. Moneyfacts data shows the average one-year fixed savings rate rose from 4.23% at the start of August to 4.28% at the start of September, its highest level since October 2024. Longer-term fixed rates have also risen, with the average climbing to 4.31%, the highest in more than two years. Meanwhile, some of the very best deals now pay more than 5%. Most read in Money As of September 10, GB Bank was paying 4.91% on a one-year fix, 4.98% over two years, 5.02% over three years and 5.03% over five years, according to Moneyfacts. Someone with £20,000 in savings could earn around £1,006 in interest over a year at 5.03%, compared with just £506 if their money was left in an account paying the current average easy-access rate of 2.53%. The average one-year fixed rate has now risen for six months in a row, while longer-term rates have increased for seven consecutive months. Moneyfacts also said savers now have a record 2,642 savings accounts and ISAs to choose from. The average shelf life of a fixed-rate deal has also increased from 32 days to 43 days, giving savers slightly more time to compare their options before a top deal disappears. Andrew Wright, head of savings at Paragon Bank, said: “A significant number of fixed-rate accounts are set to mature over the next quarter, reflecting the bumper 2025 ISA season. He said: “These accounts will be maturing into a competitive market, with savings rates increasing in recent weeks. “The market has seen a marked increase in the popularity of longer-term fixed rates recently, with the value of deposits held in five year accounts increasing by nearly a third in 2025.” Paragon’s analysis also found savers had increasingly been looking at longer fixes, with the value of deposits in five-year accounts rising by nearly a third during 2025. What should you do when your fixed savings account matures? If your fixed savings rate comes to an end, your provider should normally contact you in advance and explain what will happen to your money. Do not assume the account it offers you will be the best option, as your money will often be moved into accounts paying below the market average. Check the maturity date and compare rates across a range of account providers before deciding where to move the cash. If you will not need the money for a set period, another fixed-rate account may offer a higher guaranteed return. But make sure you are comfortable locking the money away, as most fixed accounts either do not allow withdrawals during the term or charge penalties for accessing cash early. If you may need the money at short notice, an easy-access account could be more suitable, although average rates are currently much lower at 2.53%. Shop around and consider providers beyond high street banks and big names, as these often pay higher rates. Savers should also consider whether an ISA is worthwhile, as interest earned on the cash inside an ISA is tax-free. And remember that savings rates can change quickly, so a deal available today may be withdrawn or repriced within days. Comment now