The top two fixed-rate savings deals have been withdrawn just weeks after launch, in a sign that lenders are no longer battling for customers' cash to offset the tightened credit market.

The Bank of Cyprus withdrew its 7.15 per cent savings bond yesterday following Birmingham Midshires' move to end its 7.17 per cent offering on Thursday. Others are likely to follow suit and analysts said the action was likely to spell the end of 7 per cent plus short-term bonds.