Almost three million fixed-rate accounts are due to mature by the end of June, according to Paragon Bank research. But savers who don’t act when the term is up could be left out of pocket.
That’s because unless you tell your provider otherwise, your cash will be automatically switched to a low-rate instant-access account, returned to your current account, or locked into another fixed-rate product, blocking you from switching to a higher rate.
Here, Which? reveals the cost of inaction and how you can avoid leaving your cash idle for too long.
What happens when fixed savings mature?
You’ll find details about maturity options in your fixed-rate account’s small print, but your savings provider should notify you beforehand.
If you don’t let the bank know what you want to do next – either because you missed the emails or forgot to reply – the provider will take a variety of approaches.
But wherever your savings end up, chances are the interest will be lower than if you’d switched elsewhere:
1. Into an instant-access
This is the most common option. Moneyfacts data shows eight of the top 10 one-year bonds available to open on 15 April 2026 revert to an instant-access or variable-rate ‘holding account’ if no action is taken when the term ends.
While that means your money is safe and can be accessed at any time, the interest rate is likely to be significantly lower. For example, let’s say you open MBNA’s top one-year fixed-term account, paying 4.65% AER. Under the account’s terms and conditions, if you don’t instruct otherwise, the money is transferred to its Easy Access account that currently pays a measly 0.75% AER. Because that rate is variable and can change, you could end up getting an even worse deal.
The more money you have invested, the more you stand to lose by doing nothing. Someone opening a one-year account that pays today’s average rate of 3.89%, with a deposit of £10,000, will earn £389 over the term. If your money is moved to an instant-access account and you’re lucky enough to get the current average rate of 2.44% AER, you’d still be £145 worse off than if you’d opened an average one-year fix.
2. Back into your current account
Our analysis found that just one account in the top 10 will pay the money back into the account you transferred the cash from in the first place.
The trouble is, if you don’t reinvest the money after it lands back in your account, it’s likely you’ll be earning little or no interest at all on your lump sum.
3. Fixed for another term
In other cases, the funds will be transferred into a savings account of the same length as the one that matured. It means your money will be locked away, and you may not be able to switch to a higher rate elsewhere.
That could prove to be a costly mistake. We found that, as of 15 April 2026, Kent Reliance is the only top 10 provider to move your cash into another fixed-term account. Let’s say you opened its one-year account this time last year, when it paid 4.2% AER.
If you failed to act in time, your money would have been locked away for another 12 months, earning 4.51%. While that is better than last year’s deal, you could be getting 4.66% with MBNA’s market-leading one-year bond.
Savers with bonds lasting more than a couple of years stand to lose the most. While most accounts last a maximum of five years, we found four seven-year deals. However, savings platform Flagstone lists bonds from provider Societe Generale that last eight to 10 years.
While rates have been steadily falling, the savings market tends to be very volatile and we could easily see interest rates improve again. Consider how much has changed in just the past few years. For example, the average rate on a one-year fix on 1 February 2021 was just 0.46% AER and 0.68% for a long-term bond.
- Find out more: best savings accounts
How to keep track of fixed savings bonds
Keep a list
A good way to keep track of all your financial accounts is to make a list of the accounts you have now, along with their policies. Make sure you keep all important paperwork in one place so you can easily find information and contact details when you need them in future.
Check the small print
Remember to also check the small print before you open an account so you’re fully aware of what happens when the bond matures. If you’re happy with the setup, then make a note in your diary of the date the term ends or set an alert on your phone a couple of weeks before.
You can then start planning what you want to do with the cash and move the funds somewhere that suits you best.
Consider a savings platform
Finally, if you are spreading your savings around and opening multiple accounts, then consider signing up to a savings platform.
These websites not only help you source market-leading accounts, but once you’re registered, you’ll only have one set of login information to remember. And to ensure your savings don’t languish in a low-paying account, the platform will usually get in touch to remind you when any bonds are due to mature.
However, the convenience offered by savings platforms comes with a few caveats. Because savings platforms work with a set number of banks and building societies, you could easily miss a top rate offered by a provider not listed on the website.
Also, watch out for fees. While some platforms, such as Raisin and Aviva Save, are free to use, others charge a ‘platform fee’ for their services. That’s often taken as a cut of the interest offered, done before displaying the rates on its site. Others, like Akoni, take a percentage of your savings – how much varies, though.
- Find out more: can you get a better rate with a savings platform?
How do I find lost savings?
If you know which bank or building society held your account, contact them directly and ask how you can make a claim. They may also have paper forms available.
However, if you know you have money squirrelled away but can’t remember where you put it, then the My Lost Account service can help you search for forgotten savings pots from banks, building societies and National Savings and Investments (NS&I).
The service, which is a joint venture by the British Bankers’ Association, the Building Societies Association and NS&I, can take up to three months to complete, but getting started is straightforward and free.
- Find out more: how to find lost bank and savings accounts