More than half the country is either already shifting cash into fixed-rate savings accounts or thinking about it, new figures from Charter Savings Bank show.
Younger savers aged between 18 and 30 are most likely to go for a fixed-rate accounts (55%) with 43% of all adults looking to increase their savings in a wider mix of accounts to maximise returns and flexibility.
And when asked why, uncertainty topped the tables.
Rising energy bills was the biggest concern, mentioned by 73% of the people asked, followed by rising food costs (72%), political uncertainty (66%), rising inflation (63%) and economic uncertainty.
Pitiful interest rates made me give up on cash savings - I'm making far more now
Paul Whitlock, executive director of Charter Savings Bank, said: “Uncertainty seems to be a way of life currently, with political and economic concerns rising in tandem with living costs.
“It’s reassuring to see so many people, particularly young people, taking their savings seriously in such a volatile climate. With even small amounts of money growing over time, saving from an early age is a great way to ensure financial resilience."
However, the move to put your money somewhere safe might end up costing you overall.
The ISA paying 10 times as much that MILLIONS of savers have never heard of
Firstly, locking in now could feel foolish if interest rates rise later on.
Secondly, if you need the cash in a hurry you could be forced to pay to access it before the fixed-term expires.
And finally, there are better rates available if you're willing to take a little risk.
“Though savers are increasingly looking for safety, it can be difficult to decide on the right home for your cash and whether to lock in rates or opt for the flexibility of easy access,” Whitlock said.
