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19th September 2023
Average savings rates at highest levels since 2008-Moneyfacts
Trend
Moneyfacts UK Savings Trends Treasury Report data shows average fixed bond and ISA rates, for one-year and longer-term fixed, all now stand above 5% for the first time in almost 15 years. Average savings rates across easy access, notice and ISA equivalents now stand at levels not seen since 2008:
-All variable rates(easy access, notice and ISA equivalents) rose for the 19th consecutive month, the first time on Moneyfacts’ records(this data set began in 2007).
-Both the average easy access and notice rates hit their highest levels since 2008. The average easy access rate rose to 2.95% and stands at its highest point since November 2008 (3.63%). The average notice rate rose to 4.04%, breaching 4% for the first time since March 2008, which was also its previous highest point on our records(4.05%).
-The average easy access ISA rate rose month-on-month to 3.04% and stands at its highest point since December 2008 (3.74%). The average notice ISA rate rose to 3.89% and is at its highest since November 2008(4.91%).
-The average fixed bond and ISA rates have now risen month-on-month for the past six months. The average one-year fixed bond rose to 5.34% and stands at its highest point since November 2008(5.79%). The average longer-term fixed bond rose to 5.12% and stands at its highest point since November 2008(5.19%).
-The average one-year fixed ISA rose to 5.19%, its highest point since November 2008(5.86%). The average longer-term fixed ISA rate rose to 5.02% and stands at its highest point since November 2008(5.23%).
-Product choice overall fell month-on-month to 1,937 savings deals (including ISAs).
Moneyfacts Trends(212 aticles)
