UK savings: six traps to avoid when you’re finding a new deal

If you are looking for a new account, there are some good rates around, but also pitfalls to watch out for

Earning as much as 7% on your savings sounds great – but what’s the catch? The top-paying accounts often come with strings attached, which could mean your money is not working as hard as you thought.

That’s important because there is a lot of cash sitting in fixed-rate savings accounts that are about to reach the end of their term. The total amount in accounts maturing between April and June is £90bn, according to the savings app Spring – and that money will need to find a new home.