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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 - 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
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
Other Star Ratings categories
Variable rates have risen for the past 13 consecutive months - the first time on Moneyfacts’ records.
The average easy access cash ISA rate has risen month-on-month to currently stand at 2.01%, the highest it’s been since February 2009. This is according to the Moneyfacts UK Savings Trends Treasury Report, which also found that variable rates have risen across the board for 13 consecutive months for the first time since our records began.
This sees the average easy access and notice savings account rates also reach their highest in more than 14 years. Up from 0.25% this time last year, the average easy access rate has increased to 1.85%. Likewise, the average notice account has witnessed an even bigger jump, from 0.56% in March 2022 to 2.61% a year on.
Meanwhile, the average notice ISA rate rose to 2.64% - its highest point since January 2009.
As for average fixed rates, the Moneyfacts UK Savings Trends Treasury Report’s findings are a little less uniform.
While the average one year fixed bond rose to 3.65% and stands at its highest point since December 2008, the average longer term fixed bond fell. At 3.86%, this is down 0.01% compared to last month.
However, both one year and longer term fixed rate ISAs saw a rise in their average rates. For the average one-year fixed ISA, this rate now stands at 3.56%, the highest it’s been since December 2008. At 3.72%, the average longer-term fixed ISA also stands at its highest level, this time since May 2011.
The savings market is going through a buoyant period thanks to a mix of rate competition, base rate rises and the approach of a new tax year.
Only last week, the Bank of England’s Monetary Policy Committee voted to increase interest rates for the 11th consecutive time, which some banks and building societies will have chosen to pass on. While this is good news for savers, it’s important to check that your provider is offering a competitive rate, especially as the average easy access rate is 1.60% higher than a year ago. There will be some accounts not receiving the full benefits of base rate rises, at which point it’s down to savers to compare and switch.
Interest rates are also rising as we near the start of a new tax year next week. There’s been a rush of enticing offers being launched for savers looking to secure a deal before the 2023/24 tax year begins. Particularly, savers with outstanding ISA allowance left to use may notice improved rates across cash ISAs.
Finally, growing choice in the market means it’s more important than ever for savers to consider both unfamiliar and household names. With 1,743 different savings products available to choose from, there are now more overall savings deals on the market than at the start of the year. Still, savers will need to act quickly to take advantage of a top rate, as a deal may only be on the shelf for a short period.
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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.
Top one-year returns fall below 5.00% AER following Autumn Budget announcement.
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 leading easy access ISA from Moneybox, and an increased three-year fixed ISA from Shawbrook Bank.
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.
Leading easy access ISA rate rises as attention turns to the Autumn Budget.
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.
Top one-year returns fall below 5.00% AER following Autumn Budget announcement.
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 leading easy access ISA from Moneybox, and an increased three-year fixed ISA from Shawbrook Bank.
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.
Leading easy access ISA rate rises as attention turns to the Autumn Budget.
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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.