October 2023 News Archive

The average rate paid by a fixed bond with a term over 550 days dropped to 5.11% at the start of October, according to Moneyfacts’ data. This is the first time this rate has fallen since March 2023.

This is the first time average rates have fallen in this sector since March 2023.

Rising fuel prices largely responsible for sustained, elevated inflation despite food prices falling for the first time since September 2021

Rising fuel prices largely responsible for sustained, elevated inflation despite first monthly fall in cost of food since September 2021.

Average fixed rates in the buy-to-let market have fallen month-on-month, Moneyfacts’ data reveals. The start of October saw the average rate for a two-year deal drop to 6.40%, down from 6.64% in September. Similarly, the average five-year fixed rate fell to 6.32% from 6.49% during the same months.

Buy-to-let market shows signs of recovery, with over 1,500 more products available compared to this time last year.

Three high street brands, Nationwide BS, Lloyds Bank and TSB, all launched new switching deals at the end of last month. Of these providers, Nationwide BS offers the largest cash incentive at £200 with an account paying 5.00% AER interest.

You could earn up to £200 free cash by switching your current account to one of these high street providers.