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Around £119.6billion is due to mature by the end of the year

Skipton Building Society has issued an urgent warning as millions of savers are at risk of losing money.

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.

Around £119.6billion 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.

This includes £56billion in non-ISA accounts and £63.6billion in cash ISAs.

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.

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.

September will see £35.7billion of savings mature, followed by £29.7billion in October and another £29.6billion in November.

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.

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 £119 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."

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.

"The difference between a competitive rate and a lower variable rate can have a meaningful impact on returns over time."

Rachel Springall, Finance Expert at Moneyfacts, urged savers to act before their deals expire.

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."

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."

Almost four in ten also say they rarely or never move their savings to an account offering a better rate.

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.

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.

Those who do not review their options could therefore see their interest earnings fall significantly.

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.

Changes to ISA rules make it more important for people to consider their choices rather than allowing their money to move automatically, he said.

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.

Skipton is encouraging savers to seek guidance before their accounts mature.

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.