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Rachel Springall

Finance Expert & Press Officer
Published: 14/11/2022
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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.

How average rates on savings have risen

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.

  • The average easy access rate has risen to 1.16%, breaching 1% for the first time since August 2012 and hitting its highest point in over 10 years (1.19% in February 2009). The average rate sat at just 0.19% in November of last year.
  • The average notice rate is now 1.91%, up from 0.55% in the same period last year and at its highest level since December 2008, when it reached 2.64%.
  • The easy access ISA rate rose month-on-month to 1.26% and stands at its highest point since November 2013 (1.28%). The average notice ISA rate rose to 1.72%, the highest it’s been since July 2013 (1.75%).
  • The average one-year fixed bond rate is up to 3.29%, passing 3% for the first time since November 2009 (3.04%) and reaching its highest level since January 2009 (3.49%). The average longer-term fixed bond rate rose to 3.77%, its highest point since February 2010 (3.85%).
  • The average one-year fixed ISA now stands at 2.98%, its highest point since May 2012 (3.02%). The average longer-term fixed ISA rate rose to 3.44%, breaching 3% for the first time since October 2012 (3.15%) and stands at its highest point since June 2012 (3.47%).

Where are people putting their savings?

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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