On your marks

Savers looking to invest in time bonds need to act fast as the clock is always ticking. Due to the base rate hanging around 0.5 percent, the rates on most time bonds have typically lasted around 100 days.

And the rates on fixed terms bonds are also falling. The average five year bond fell from 4.34 percent at the start of May to 4.03 percent now. And in three days last week a trailblazing new bond was introduced only to be withdrawn by Yorkshire Building Society.

Michelle Slade, spokes person for Moneyfacts.co.uk, commented: 'In recent months there has been a downward trend for bond rates, resulting in savers rushing to secure the best deals. Once a few providers start to cut rates, others will follow suit as no provider wants to pay more than they need to, to attract savers’ money.

'Money market rates are now notably lower than they were a few months ago and it is likely that providers are using this to raise money for their lending rather than through their savings book. Savers are still actively trying to find the best deal, so when market leading deals are launched they are oversubscribed extremely quickly. If savers want to secure top rates they need to act fast because if they wait too long it’s likely the deal will be gone.'

We think all you savers out there better put your skates on before its too late!

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