Rates have fallen up to 2.47% on some products – and have left savers with the prospect of a far lower income from their investments once their current deals have matured.

Almost 5.3 million fixed rate products worth nearly £93bn will mature in 2013, with the largest number due to mature in November (568,455).

Of these products, 2.8 million have matured over the last six months, but the recent fall in rates means bondholders face a £1bn fall in income if they reinvest their savings pot into similar products.

Bruno Genovese, head of savings at HSBC, said: “As an increase in interest rates continues to look further into the distance, the knock on downward pressure being applied to saving rates is affecting the incomes of investors.

“Many savers value the guaranteed income and security offered by fixed rate products. However, those who want to reinvest their savings from matured fixed rate products into comparable deals this year may find that their income drops significantly. Savers need to consider all available options and this may not be to simply reinvest their savings in a similar product.

“Diversifying savings portfolios to have a variety of products can ensure that investors lessen the impact of falling interest rates.”

All fixed rate products have been affected by the drop in rates.

However, the biggest falls in income will be felt by 3, 5 and 2 year bond holders with drops of 52%, 50% and 45% respectively.

Last year, holders of 1 year and 18 month bonds saw a slight rise in income, however even these product holders can now expect a fall in income of 39% and 38% respectively.

The smallest fall in income will be felt by 6 month bond holders, but, at 12% this drop will still have a significant impact.