Last updated: 23 January 2025 at 12:00
Longer-term fixed bonds continue to rise, though savers may need to move quickly to lock in rates.
Top rates for longer-term accounts continue to climb this week, with the most competitive five-year bond hitting 4.80% AER, increasing the lead over its one-year counterpart which again holds at 4.77% AER.
However, savers may not have long to secure these latest returns, as the average shelf-life for a fixed rate bond was found to have dropped from 57 to 33 days in the month to January, according to the latest Moneyfacts UK Savings Trends Treasury Report.
This volatility, in part, stems from uncertainty over whether the base rate will be cut in February, though, with last week's announcement that inflation dropped unexpectedly to 2.5% in December, this could make a cut more likely.
“Savers may be concerned about the expectations for interest rates to come down this year, so a longer-term fixed bond could become more desirable,” explained Rachel Springall, Finance Expert at Moneyfacts.
Regardless, savers would be wise to reevaluate their savings to ensure they’re still seeing the most competitive returns on their investments.
Read more: More volatility in the savings market as providers reprice deals
Below are the providers that currently offer the best easy access, fixed and notice savings rates. These products are available to new customers with a £10,000 deposit. Note that higher rates may be available to existing customers or those who are willing to save more than £10,000.
You can also visit our charts to compare top rates across the whole of the savings market.
