ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Image of Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 16/01/2023
Woman placing coin in piggy bank

News contents

New Moneyfacts data shows average interest rates failed to rise across both one-year and longer-term fixed bonds, but variable rates rose for another consecutive month.

The savings market appears to have entered a period of stability, a notable contrast from recent months of volatility. The average one-year fixed bond rate remained unchanged for the first time in a year (January 2022) and the average shelf life of fixed accounts overall rose by two days to 29 days.

During the same period, all average variable rates rose, including variable rate cash ISAs. Fixed savings providers adjusted their market positions, and for the first time in almost two years, the longer-term average rates across fixed bonds and ISAs fell. These movements show the change in attitude among providers in the aftermath of the interest rate uncertainties across the last quarter of 2022. Across the savings market, the number of accounts paying above base rate fell.

Shifts to note from the latest Moneyfacts UK Savings Trends Treasury Report include:

  • All variable rates (easy access, notice and ISA equivalents) rose for the 11th consecutive month, the first time on Moneyfacts records (this data set began in 2007)
  • The average easy access rate rose to 1.56% and stands at its highest point since December 2008 (2.58%)
  • The average notice rate rose to 2.38%, again its highest point since December 2008 (2.64%)
  • The easy access ISA rate rose month-on-month to 1.66% and stands at its highest point since November 2012 (1.68%)
  • The average notice ISA rate rose to 2.36% and is at its highest since February 2009 (2.40%)
  • The average one-year fixed bond was unchanged at 3.51% for the first time since January 2022
  • The average longer-term fixed bond fell to 3.85%, the first fall since March 2021
  • The average one-year fixed ISA rose to 3.34%, its highest point since January 2009 (3.43%)
  • The average longer-term fixed ISA rate fell to 3.63%, the first fall since April 2021.

While the savings market overall has been blessed by interest rate rises during 2022, almost 70% of accounts now pay below base rate (3.50%). The consecutive rises to base rate should spur you to check your existing savings accounts, particularly as challenger banks and building societies offer some of the best rates on flexible accounts.

As a new year begins many of us may be reconsidering our savings habits, particularly as the cost of living crisis continues to bite. The flexibility that comes with easy access and notice accounts make them a suitable option if you need to dip into your savings pot in the short-term. But if you’re looking to put your money away for longer to secure a better rate of return, you may need to wait to see if providers adjust their rates to entice new business.


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. 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. will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be ScamSmart. will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be ScamSmart.