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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
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 - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
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
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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Staples such as milk and bread saw some of the greatest increases in price.
UK inflation rose at an annual rate of 10.1% in September, an increase from the 9.9% recorded in the 12 months leading to August according to the Office for National Statistics (ONS).
The largest contributing factor towards the return to double digit inflation came from rising food prices. This marks the 14th consecutive monthly rise in annual food prices, with the 12 months leading to September seeing a 14.6% rise in prices for this sector.
This means the pace at which food prices are rising is at its fastest since April 1980, eclipsing the 14.5% rise reached during the financial crisis in 2008.
In particular, staples such as bread, milk, meat, eggs, and cheese saw significant monthly rises.
Currently, the average two and five year fixed rates remain over 6% and they are continuing to increase, according to Moneyfacts data.
Furthermore, the Bank of England may be concerned to see core inflation rising, despite the Government’s energy price cap of £2,500 making the price of energy more affordable.
This may prompt a more aggressive base rate hike in the future, which could see mortgage rates rise further. Therefore, getting the advice of a broker is paramount in these circumstances.
Savers may be pleased that cash savings rates continue to rise amid uncertainties surrounding the stock market. In the year to date, the FTSE 100 has made a negative return of -9.59%, according to the London Stock Exchange.
Cash savings accounts are a traditional haven for consumers, and fixed interest rate paying accounts provide a clear guaranteed return for investors during unprecedented times of uncertainty.
However, inflation is still very much eroding the true spending power of savers’ cash, so it’s imperative savers do not become apathetic to switch at a time when competition in the top rate tables is rife.
Top fixed bonds are reaching heights not seen for many years as challenger banks compete to entice savings deposits, but this has also seen deals change within a short time frame, so swift movement is wise to grab a top rate savings deal.
Those savers who are about to see their one-year bond mature may wish to note the best deal today pays 4.75%, which is 3.24% more than last year’s top deal, of 1.51% as an expected profit rate. One-year fixed ISAs are also on the up, but still pay less than fixed bonds, so as interest rates continue to rise, it’s imperative savers consider both their ISA allowance and their Personal Savings Allowance along with comparing interest rates.
Amid the cost of living crisis, some savers may prefer to keep their cash close to hand, and thankfully, variable rates on both easy access accounts and ISAs have improved but savers will need to check the terms of each account to ensure it suits their needs.
It is largely expected that the Bank of England will increase the base rate in the coming weeks, but savers would be wise to review their existing accounts now and switch to take advantage of the latest top rate deals.
As we have seen time and time again, there is no guarantee that savers will see much benefit from a base rate rise, so it’s important they reconsider their loyalty if they are getting a raw deal.
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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.
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023. What does the future hold for savings rates?
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023.
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.
Over 1,700 accounts can better inflation – but savers may need to act fast if base rate cuts are on the cards.
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 new easy access savings account and a balance transfer credit card from Barclaycard with a recently increased 0% term.
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023. What does the future hold for savings rates?
Fixed savings and ISA rates continued to fall in the month to October, dropping to their lowest levels since June 2023.
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.
Over 1,700 accounts can better inflation – but savers may need to act fast if base rate cuts are on the cards.
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 new easy access savings account and a balance transfer credit card from Barclaycard with a recently increased 0% term.
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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.
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.