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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
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The last time this figure was higher was February 2009.
This month the average easy access rate has breached the 1% gross for the first time in 10 years. It stood at 1.16% gross as of 1 November, having reached 0.99% gross in October.
This is according to the Moneyfacts UK Savings Trends Treasury Report, which found that average rates across the savings spectrum rose for the ninth consecutive month. A first for our records which began in February 2007.
Consistent month-on-month increases to variable savings accounts and fixed term bonds are also serving to highlight the positive direction in the savings market, with further rises expected due to the Bank of England’s recent base rate decisions.
The Moneyfacts Treasury Report data reveals a number of positive trends that could be of interest if you’re looking to find a more efficient home for your money.
According to the Bank of England, over £3 billion was deposited in easy-access accounts in September, a sign that consumers are keen to retain quick access to their cash. At the same time, £3.3 billion flowed into time deposits, suggesting more savers are taking advantage of the significant rises to fixed rates in recent months.
While rises in fixed rate bonds are good news for savers, the consecutive increases may give you pause for thought before locking away your cash for more than a year. The increase in ISA rates is also an encouraging sign if you want to use your ISA allowance, especially if you have a larger pot and are edging closer to their Personal Savings Allowance (PSA) limit due to rising interest rates. However, the rate gap between fixed ISAs and bonds is something to consider, so you should weigh up any tax-free allowance you have before committing.
As the cost of living crisis continues, having quick access to cash could be invaluable and accounts such as an easy access account can offer that flexibility. But with the savings market remaining volatile, savers and providers will need to act swiftly to keep on top of any prominent offers.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
New leading three- and five-year bonds as other top rates remain stable.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a five-year bond from GB Bank and a two-year fixed rate mortgage from first direct.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
No change in top variable rates, as best fixed returns fluctuate.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.