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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.
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Health & travel
Featured - Switching deals
In need of a cash boost?Providers often entice new customers with cash incentives for moving current accounts. Compare deals and find out how to make the switch:
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
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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
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Latest news - by category
Other money & finance news
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The average one-year fixed bond rate experienced the highest month-on-month rise since our electronic records begun in February 2007. Increasing by 0.29% to 1.53%, the average one year bond now stands at the highest rate since October 2013 according to the latest Moneyfacts UK Savings Trends Treasury Report.
On the ISA market, the average one-year fixed ISA now stands at 1.21%, its highest point since November 2019 (1.21%) and had the biggest month-on-month rise seen since August 2011.
Fixed rates are rising at an astounding pace and month-on-month we have seen the average one-year fixed bond rate see its biggest monthly rise of 0.29%, breaching its previous record-rise from over ten years ago (0.27% in July 2008). Savers who are looking to secure a guaranteed return over the next year will find a stark difference to short-term fixed returns, with the average one-year bond rate now more than three times higher than recorded in June 2021.
Challenger banks are securing the most prominent positions within the fixed bond market, with some making consecutive changes to their range during May. This vigorous competition led to a fall in the average fixed rate bond shelf life to 44 days, the lowest recorded since November 2021 (40 days). However, the fixed bond market was not seeing such uplifts to rates back then, as it was slowly recovering from the record low average rates recorded in April 2021. Longer-term fixed bonds also felt notable recovery during May, seeing the biggest month-on-month rise since July 2008 (0.35%) and now have the highest average return seen in over six years. Despite this, savers may not be comfortable investing over the longer term, particularly as the margin between the average one-year and longer-term bond stands at 0.44% and competition is rife on shorter-term options. ISAs are also on the up, but average returns remain higher on fixed bonds.
The back-to-back Bank of England base rate rises are also making an impact on variable savings rates, but it is the challenger banks and building societies jostling for table-topping positions. The average easy access rate and notice rate stand at their highest levels since April 2020, with notice accounts experiencing their biggest month-on-month rise since August 2007. Easy access accounts are still well-sought after and, according to the Bank of England, during April there was an inflow into sight deposits of just over £2.2 billion, which is £15 billion so far this year. However, for time deposits there was an inflow of around £868 million.
At a time of notable interest rate rises, and further murmurs of base rate rises to come, savers could find a notice account an appealing choice as they can get a slightly higher return than on an easy access account (the margin between the average easy access and notice rate stands at 0.48%) but avoid locking their cash away as they would with a traditional fixed bond. Due to the volumes of rate re-repricing seen in May, consumers and savings providers alike would be wise to keep a close eye on market movements in the weeks to come as rises could continue to dominate.
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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.
The top rate for a two-year bond edges higher as leading notice returns dip below 5%.
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 one-year bond from new savings provider Vida Savings, and a 85% LTV two-year fixed mortgage from HSBC.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Mortgage rates largely settle after last week’s hikes, though continue to rise across multiple sectors.
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.
The top rate for a two-year bond edges higher as leading notice returns dip below 5%.
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 one-year bond from new savings provider Vida Savings, and a 85% LTV two-year fixed mortgage from HSBC.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Mortgage rates largely settle after last week’s hikes, though continue to rise across multiple sectors.
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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.