Savers urged to vote with their feet

Savers in some of the best easy access savings accounts are being warned to check when their deal comes to end, or risk losing out on up to £86 in interest, according to experts at moneysupermarket.com.

With average rates remaining firmly in the deep freeze, anyone looking for a good home for their savings is likely to be offered a deal that includes a one-off bonus on easy access accounts. The newly launched easy access account from Coventry Building Society pays a market leading 3.3 per cent - 1.3 per cent of which is made up of a bonus.

Analysis by moneysupermarket.com shows that, in the main, the bonus can make up over half the AER on the average easy access account, meaning that when the introductory bonus ends, the rate will slide to around half its rate. In some cases, this fall is even more dramatic once the effect of last year's base rate cut has been taken into consideration. Further analysis shows that those savers who don't switch accounts when the bonus rate ends could end up around £86 out of pocket through lost interest*.

Kevin Mountford, head of savings at moneysupermarket.com, said: "It's likely that many people will have broken their New Year's Resolutions already but if there's one thing they absolutely should apply themselves to, it's making their money work as hard as possible for them in 2010.

"Savers in easy access accounts are more susceptible to losing out, as those with a fixed-rate account know from the beginning that their rate will be for a period of time. It's imperative that savers look out for a bonus when searching for the best deals on easy access accounts - there's nothing inherently wrong with a bonus but when it expires, it's served its purpose."