Savers urged to act fast if they want best buy deals as some vanish within days - including top cash Isa from Skipton BS

By Holly Black For Money Mail

Published: 18:10 EST, 21 April 2015 | Updated: 03:57 EST, 22 April 2015

Savers need to act swiftly to get the best savings deals, as some of the best buys are being pulled or reduced after just a matter of days.

Earlier this month, Skipton Building Society withdrew its 1.5 per cent online bonus cash Isa after barely ten days. It replaced this with a new online Isa paying 1.6 per cent - which closed yesterday after a similarly short spell.

Meanwhile, Nottingham Building Society has cut the rate on its two-year fixed bond. The account was launched in January offering interest of 2 per cent, which has been reduced to 1.85 per cent.

Act fast: With few decent deals available, any provider offering a best buy is likely to see a flood of demand

Act fast: With few decent deals available, any provider offering a best buy is likely to see a flood of demand

Elsewhere, the rate available on Santander's 123 Direct Isa continues to fluctuate. Launched a year ago paying 1.7 per cent, the rate was cut to 1.5 per cent in June and to 1.3 per cent in September. It was hiked in March this year to 1.5 per cent.

With few decent deals available, any provider offering a best buy is likely to see a flood of demand, and that means savers have to act fast.

HOW THIS IS MONEY CAN HELP

A spokesman from Moneyfacts says: 'It's disappointing best-buy deals don't stay around long, but this shows how important it is to chase a top rate and apply before it is fully subscribed.

'The quickest way for providers to deal with floods of applications is to cut rates so they are less attractive, so in some cases it can be a race to the bottom of the best buys.'

The current best easy-access accounts are 1.5 per cent from Kent Reliance and 1.45 per cent from Nottingham BS.

While for easy-access Isa accounts, Skipton BS pays 1.6 per cent and West Bromwich BS pays 1.55 per cent. 

 

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