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01/03/2012 11:52:28

Fixed and variable savings gap closes

The gap between the value of fixed and variable rate savings accounts has closed, according to new figures.

Research by first direct reveals that UK savers saw a loss of possible interest earned of £550.5 million, down £86 million on the £636.4 million lost in 2010.

This represents a loss of £57.14 to each saver who chose flexible over fixed rate savings, compared with a £64.53 average loss in 2010.

Both falling fixed rates and a rise in variable have contributed to the closing of the savings gap.

Bruno Genovese, head of savings at first direct, said: "When choosing whether to fix or have easy access to their savings, people need to be clear on what they are saving for."

He acknowledged that most people probably have various goals and would therefore be best off taking advantage of both forms of saving.

According to figures from uSwitch.com, only 50 per cent of UK adults intend to put money into a cash ISA in this tax year.

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