More than one in seven (15%) people have tried to switch to a best-buy savings account in the last two years but found that it had closed to new customers or that the interest rate was no longer available, Investec Bank has revealed.

The bank’s research found that of the savers that had been caught out by extinct best-buy deals, 56% had fallen victim to this problem more than once in the past 12 months.

Furthermore, over a quarter (26%) recalled making three or more failed attempts over the past year to move money into a savings account that no longer exists.

Investec revealed that 51% of these people were trying to open a specific fixed rate account at the time, before discovering it was no longer available.

The research showed that 28% were attempting to open a particular instant access account, while 13% had set out to open a specific notice account.

Head of retail savings at Investec Save, David Hunt, said: "It can be difficult for savers to know when to take the leap and switch to better paying accounts, particularly in recent years when we have seen a significant rise in interest rates and an influx of new accounts and providers in the best-buy tables.

"With the expectation that interest rates are likely to reduce over the next year, many of these are now disappearing and the top deals don't often stick around for long. Savers should look at providers which offer rates that are consistently competitive rather than short-term deals if they want peace of mind that they’ll be earning a good return on their savings."

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