{"id":1189411,"date":"2026-09-06T09:45:18","date_gmt":"2026-09-06T09:45:18","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/1189411\/"},"modified":"2026-09-06T09:45:18","modified_gmt":"2026-09-06T09:45:18","slug":"skipton-building-society-issues-urgent-warning-as-millions-of-savers-at-risk-of-losing-money","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/1189411\/","title":{"rendered":"Skipton Building Society issues urgent warning as millions of savers at risk of losing money"},"content":{"rendered":"

Skipton Building Society has issued an urgent warning as millions of savers are at risk of losing money.<\/p>\n

Those who fail to act in the coming months could see the interest earned on their savings fall by as much as 45 per cent.<\/p>\n

Around \u00a3119.6billion held in fixed-rate savings accounts is due to mature between September and the end of December 2026, according to new analysis of CACI data by the building society.<\/p>\n

This includes \u00a356billion in non-ISA accounts and \u00a363.6billion in cash ISAs.<\/p>\n

Many of these accounts were opened when interest rates were higher; however, when the deals end, savers who do nothing could have their money automatically moved into variable-rate accounts offering much lower returns.<\/p>\n

Skipton has described the coming months as “Maturity Season” because a huge number of fixed-rate savings deals will end at around the same time.<\/p>\n

September will see \u00a335.7billion of savings mature, followed by \u00a329.7billion in October and another \u00a329.6billion in November.<\/p>\n

When their fixed-rate deal ends, each saver must decide where to move their money next. If they take no action, their savings could automatically be transferred into an account paying a lower interest rate.<\/p>\n

Alex Sitaras, Head of Savings and Partnerships at Skipton Building Society, said: “Many savers worked hard to secure competitive fixed rates over the last few years, but with more than \u00a3119 billion due to mature in the coming months, there is a real risk that people could miss out simply by leaving their money where it is.”<\/p>\n

Mr Sitaras added: “Too often, people focus on the rate they opened an account with and forget to review what happens when that deal ends.<\/p>\n

\"Skipton<\/p>\n

September will see \u00a335.7billion of savings mature<\/p>\n

| GETTY<\/p>\n

“The difference between a competitive rate and a lower variable rate can have a meaningful impact on returns over time.”<\/p>\n

Rachel Springall, Finance Expert at Moneyfacts, urged savers to act before their deals expire. <\/p>\n

Ms Springall said: “Maturing funds can get paid into a bank account easily, and while this is convenient choice, many pay little to no interest.”<\/p>\n

Many savers appear unprepared for their fixed-rate accounts to mature. A third do not understand what “account maturity” means, while nearly a third experience what Skipton describes as “money moving paralysis.” <\/p>\n

\"Couple<\/p>\n

Many savers appear unprepared for their fixed-rate accounts to mature<\/p>\n

| GETTY<\/p>\n

Almost four in ten also say they rarely or never move their savings to an account offering a better rate.<\/p>\n

Savers who allow their money to move automatically could face a significant financial cost. According to the CACI data, fixed-rate non-ISA accounts maturing during this period pay an average of 3.99 per cent, compared with just 2.19 per cent for the typical easy-access account.<\/p>\n

ISA savers could also experience a sharp drop in returns when their fixed-rate deals end. Maturing fixed-rate cash ISAs currently pay an average of 3.97 per cent, while the typical easy-access ISA offers only 2.54 per cent. <\/p>\n

Those who do not review their options could therefore see their interest earnings fall significantly.<\/p>\n

According to Mr Sitaras, there is no single option that will suit everyone. Some savers may choose another fixed-rate deal, while others may prefer easier access to their money, greater tax efficiency or an option that supports their longer-term financial goals.<\/p>\n

\"Bank<\/p>\n

Skipton is encouraging savers to seek guidance before their accounts mature<\/p>\n

| GETTY<\/p>\n

Changes to ISA rules make it more important for people to consider their choices rather than allowing their money to move automatically, he said.<\/p>\n

Keeping savings in cash may suit some people, while others could benefit from considering investments or pensions depending on their circumstances and willingness to take risks.<\/p>\n

Skipton is encouraging savers to seek guidance before their accounts mature. <\/p>\n

The building society offers free My Money Reviews, which are personalised conversations designed to help people understand the options available and decide what to do with their money next.<\/p>\n","protected":false},"excerpt":{"rendered":"Skipton Building Society has issued an urgent warning as millions of savers are at risk of losing money.…\n","protected":false},"author":2,"featured_media":1189412,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[51,1232,3028,512,322296,16,15],"class_list":["post-1189411","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-money","tag-savings","tag-sgg","tag-skipton-building-society","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/117223458580796803","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1189411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1189411"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1189411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1189412"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1189411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1189411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1189411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}