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Moneyfacts Year in Review 2023 - Savings

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
05/12/2023

Moneyfacts Year in Review 2023 - Savings

It has been a fruitful year for savers. The average easy access rate surpassed 3% and fixed rates across bonds and ISAs soared. The latest analysis by Moneyfactscompare.co.uk highlights the rises and falls across the market during 2023.

Moneyfacts Year in Review 2023 - Savings

It has been a fruitful year for savers. The average easy access rate surpassed 3% and fixed rates across bonds and ISAs soared. The latest analysis by Moneyfactscompare.co.uk highlights the rises and falls across the market during 2023.

Fixed rate bonds and ISAs

The average rates on fixed rate bonds and ISAs in 2023 hit their peaks during September across all terms (from one-year up to and including five-year bonds). Fixed rates have been falling recently but are still much higher than there were for most of 2023.

The average one-year fixed bond stands at 5.14%, 0.31% down from its latest daily peak on 6 October at 5.45%, which first hit this level on 26 September but fluctuated slightly thereafter. The average one-year fixed ISA stands at 4.99%, 0.33% down from its recent daily high on 26 September at 5.32%.

The average two-year fixed bond stands at 4.97%, 0.42% down from its latest daily peak on 22 September at 5.39%. The average two-year fixed ISA stands at 4.80%, 0.47% down from its previous daily peak on 26 September at 5.27%.

The average three-year fixed bond stands at 4.72%, 0.43% down from its last daily peak on 12 September at 5.15%. The average three-year fixed ISA stands at 4.60%, 0.43% down from its previous daily high on 26 September at 5.03%.

The average four-year fixed bond stands at 4.64%, 0.40% down from its last daily peak on 27 September at 5.04%. The average four-year fixed ISA stands at 4.40%, 0.35% down from its latest daily peak on 26 September at 4.75%.

The average five-year fixed bond stands at 4.50%, 0.36% down from its last daily peak on 12 September at 4.86%. The average five-year fixed ISA stands at 4.41%, 0.36% down from its last daily peak on 27 September at 4.77%.

 

Variable savings and ISA rates

The average rates on easy access accounts, notice accounts and the ISA equivalents in 2023 hit their peaks towards the end of the year. The average easy access rate soared to its highest point in the year during October, with notice accounts, easy access ISAs and notice ISAs reaching their summits during November. As it stands at 1 December 2023, the average notice and notice ISA rates hold their peaks at 4.44% and 4.25% respectively. The average easy access and easy access ISA rates have been falling marginally but are still much higher than there were for most of 2023.

The average easy access rate stands at 3.18%, 0.03% down from its last daily peak on 25 October at 3.21%. The average easy access ISA rate stands at 3.31%, 0.03% down from its last daily peak on 13 November at 3.34%.

The average notice account rate stands at 4.44%, standing at its daily peak shared with other days in November. The average notice ISA rate stands at 4.25%, a daily peak also shared with other November dates.

 

Fixed rate bonds and ISAs

The average rates on fixed rate bonds and ISAs in 2023 hit their peaks during September across all terms (from one-year up to and including five-year bonds). Fixed rates have been falling recently but are still much higher than there were for most of 2023.

The average one-year fixed bond stands at 5.14%, 0.31% down from its latest daily peak on 6 October at 5.45%, which first hit this level on 26 September but fluctuated slightly thereafter. The average one-year fixed ISA stands at 4.99%, 0.33% down from its recent daily high on 26 September at 5.32%.

The average two-year fixed bond stands at 4.97%, 0.42% down from its latest daily peak on 22 September at 5.39%. The average two-year fixed ISA stands at 4.80%, 0.47% down from its previous daily peak on 26 September at 5.27%.

The average three-year fixed bond stands at 4.72%, 0.43% down from its last daily peak on 12 September at 5.15%. The average three-year fixed ISA stands at 4.60%, 0.43% down from its previous daily high on 26 September at 5.03%.

The average four-year fixed bond stands at 4.64%, 0.40% down from its last daily peak on 27 September at 5.04%. The average four-year fixed ISA stands at 4.40%, 0.35% down from its latest daily peak on 26 September at 4.75%.

The average five-year fixed bond stands at 4.50%, 0.36% down from its last daily peak on 12 September at 4.86%. The average five-year fixed ISA stands at 4.41%, 0.36% down from its last daily peak on 27 September at 4.77%.

 

Variable savings and ISA rates

The average rates on easy access accounts, notice accounts and the ISA equivalents in 2023 hit their peaks towards the end of the year. The average easy access rate soared to its highest point in the year during October, with notice accounts, easy access ISAs and notice ISAs reaching their summits during November. As it stands at 1 December 2023, the average notice and notice ISA rates hold their peaks at 4.44% and 4.25% respectively. The average easy access and easy access ISA rates have been falling marginally but are still much higher than there were for most of 2023.

The average easy access rate stands at 3.18%, 0.03% down from its last daily peak on 25 October at 3.21%. The average easy access ISA rate stands at 3.31%, 0.03% down from its last daily peak on 13 November at 3.34%.

The average notice account rate stands at 4.44%, standing at its daily peak shared with other days in November. The average notice ISA rate stands at 4.25%, a daily peak also shared with other November dates.

 

 

 

Average easy access rate

Average notice account rate

Average one-year fixed bond rate

Average two-year fixed bond rate

Average three-year fixed bond rate

Average four-year fixed bond rate

Average five-year fixed bond rate

Jan-23

1.56%

2.43%

3.56%

3.83%

3.84%

3.85%

4.02%

Feb-23

1.73%

2.55%

3.61%

3.82%

3.88%

4.00%

4.04%

Mar-23

1.85%

2.66%

3.69%

3.81%

3.92%

3.99%

3.99%

Apr-23

1.95%

2.81%

3.84%

3.93%

4.00%

4.02%

4.03%

May-23

2.06%

2.95%

3.96%

4.03%

4.06%

4.01%

4.02%

Jun-23

2.21%

3.18%

4.21%

4.26%

4.28%

4.20%

4.19%

Jul-23

2.42%

3.50%

4.80%

4.77%

4.69%

4.46%

4.44%

Aug-23

2.81%

3.90%

5.21%

5.19%

4.98%

4.81%

4.77%

Sep-23

2.96%

4.14%

5.35%

5.32%

5.09%

4.97%

4.86%

Oct-23

3.17%

4.23%

5.44%

5.35%

5.07%

5.00%

4.79%

Nov-23

3.19%

4.31%

5.36%

5.27%

4.98%

4.78%

4.73%

Dec-23

3.18%

4.44%

5.14%

4.97%

4.72%

4.64%

4.50%

2023 Peak

3.21% (9-18, 25 Oct)

4.44% (11-14 Nov, 21 Nov-1 Dec)

5.45% (26 Sep, 4 Oct, 6 Oct)

5.39% (16-18 Sep, 21-22 Sep)

5.15% (12 Sep)

5.03% (27 Sep)

4.86% (1-12 Sep)

Interest shown at £10k gross. Source: Moneyfactscompare.co.uk

 

 

Average easy access ISA rate

Average notice ISA rate

Average one-year fixed ISA rate

Average two-year fixed ISA rate

Average three-year fixed ISA rate

Average four-year fixed ISA rate

Average five-year fixed ISA rate

Jan-23

1.66%

2.36%

3.34%

3.59%

3.71%

3.63%

3.66%

Feb-23

1.85%

2.57%

3.41%

3.65%

3.72%

3.87%

3.68%

Mar-23

2.01%

2.64%

3.56%

3.68%

3.82%

3.87%

3.71%

Apr-23

2.15%

2.79%

3.69%

3.83%

3.89%

3.87%

3.70%

May-23

2.26%

2.93%

3.81%

3.94%

3.95%

3.77%

3.71%

Jun-23

2.35%

3.08%

3.97%

4.08%

4.11%

3.80%

3.85%

Jul-23

2.54%

3.26%

4.46%

4.54%

4.52%

4.08%

4.36%

Aug-23

2.86%

3.65%

5.00%

5.04%

4.96%

4.19%

4.73%

Sep-23

3.04%

3.89%

5.20%

5.19%

4.97%

4.62%

4.75%

Oct-23

3.25%

4.04%

5.27%

5.23%

4.96%

4.72%

4.71%

Nov-23

3.29%

4.12%

5.20%

5.10%

4.91%

4.67%

4.62%

Dec-23

3.31%

4.25%

4.99%

4.80%

4.60%

4.40%

4.41%

2023 Peak

3.34% (11-13 Nov)

4.25% (23 Nov-1 Dec)

5.32% (26 Sep)

5.27% (20, 22-26 Sep)

5.03% (26 Sep)

4.75% (26 Sep)

4.77% (25 Aug, 16-19, 26-27 Sep)

Interest shown at £10k gross. Source: Moneyfactscompare.co.uk

 

 

 

Average easy access rate

Average notice account rate

Average one-year fixed bond rate

Average two-year fixed bond rate

Average three-year fixed bond rate

Average four-year fixed bond rate

Average five-year fixed bond rate

Jan-23

1.56%

2.43%

3.56%

3.83%

3.84%

3.85%

4.02%

Feb-23

1.73%

2.55%

3.61%

3.82%

3.88%

4.00%

4.04%

Mar-23

1.85%

2.66%

3.69%

3.81%

3.92%

3.99%

3.99%

Apr-23

1.95%

2.81%

3.84%

3.93%

4.00%

4.02%

4.03%

May-23

2.06%

2.95%

3.96%

4.03%

4.06%

4.01%

4.02%

Jun-23

2.21%

3.18%

4.21%

4.26%

4.28%

4.20%

4.19%

Jul-23

2.42%

3.50%

4.80%

4.77%

4.69%

4.46%

4.44%

Aug-23

2.81%

3.90%

5.21%

5.19%

4.98%

4.81%

4.77%

Sep-23

2.96%

4.14%

5.35%

5.32%

5.09%

4.97%

4.86%

Oct-23

3.17%

4.23%

5.44%

5.35%

5.07%

5.00%

4.79%

Nov-23

3.19%

4.31%

5.36%

5.27%

4.98%

4.78%

4.73%

Dec-23

3.18%

4.44%

5.14%

4.97%

4.72%

4.64%

4.50%

2023 Peak

3.21% (9-18, 25 Oct)

4.44% (11-14 Nov, 21 Nov-1 Dec)

5.45% (26 Sep, 4 Oct, 6 Oct)

5.39% (16-18 Sep, 21-22 Sep)

5.15% (12 Sep)

5.03% (27 Sep)

4.86% (1-12 Sep)

Interest shown at £10k gross. Source: Moneyfactscompare.co.uk

 

 

Average easy access ISA rate

Average notice ISA rate

Average one-year fixed ISA rate

Average two-year fixed ISA rate

Average three-year fixed ISA rate

Average four-year fixed ISA rate

Average five-year fixed ISA rate

Jan-23

1.66%

2.36%

3.34%

3.59%

3.71%

3.63%

3.66%

Feb-23

1.85%

2.57%

3.41%

3.65%

3.72%

3.87%

3.68%

Mar-23

2.01%

2.64%

3.56%

3.68%

3.82%

3.87%

3.71%

Apr-23

2.15%

2.79%

3.69%

3.83%

3.89%

3.87%

3.70%

May-23

2.26%

2.93%

3.81%

3.94%

3.95%

3.77%

3.71%

Jun-23

2.35%

3.08%

3.97%

4.08%

4.11%

3.80%

3.85%

Jul-23

2.54%

3.26%

4.46%

4.54%

4.52%

4.08%

4.36%

Aug-23

2.86%

3.65%

5.00%

5.04%

4.96%

4.19%

4.73%

Sep-23

3.04%

3.89%

5.20%

5.19%

4.97%

4.62%

4.75%

Oct-23

3.25%

4.04%

5.27%

5.23%

4.96%

4.72%

4.71%

Nov-23

3.29%

4.12%

5.20%

5.10%

4.91%

4.67%

4.62%

Dec-23

3.31%

4.25%

4.99%

4.80%

4.60%

4.40%

4.41%

2023 Peak

3.34% (11-13 Nov)

4.25% (23 Nov-1 Dec)

5.32% (26 Sep)

5.27% (20, 22-26 Sep)

5.03% (26 Sep)

4.75% (26 Sep)

4.77% (25 Aug, 16-19, 26-27 Sep)

Interest shown at £10k gross. Source: Moneyfactscompare.co.uk

 

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“The savings market has had its ups and downs during 2023, but the good news is that most of the year brought better rates for savers than 2022. Challenger banks were particularly active, leading to the fixed rate bond market being inundated with rate volatility as they worked hard to draw in deposits. As we approach the end of the year, average fixed rates have come down, but they are still better than at the start of 2023, with the one-year bond now returning a rate not too dissimilar to that in July.

“Those savers who took advantage of their 2023/24 ISA allowance would have found average fixed rates reached their peaks during September, but at the start of the tax year on 5 April, all the average fixed ISA rates from one-year, up to and including five-year terms, returned less than 4%. Away from fixed deals, easy access and notice ISAs also thrived this year, great news for savers who wanted flexibility with their cash.

“A clear winner for savers this year was variable savings rates, such as the returns on offer from easy access and notice accounts. These accounts went from strength to strength as providers moved to both compete on rate and pass on consecutive Bank of England base rate rises. However, since the average easy access rate peaked in October, and has fallen slightly since, it is possible this rate may fall further before the year ends. As with any account, it is essential savers shop around and switch to get the best possible return on their hard-earned cash.”

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“The savings market has had its ups and downs during 2023, but the good news is that most of the year brought better rates for savers than 2022. Challenger banks were particularly active, leading to the fixed rate bond market being inundated with rate volatility as they worked hard to draw in deposits. As we approach the end of the year, average fixed rates have come down, but they are still better than at the start of 2023, with the one-year bond now returning a rate not too dissimilar to that in July.

“Those savers who took advantage of their 2023/24 ISA allowance would have found average fixed rates reached their peaks during September, but at the start of the tax year on 5 April, all the average fixed ISA rates from one-year, up to and including five-year terms, returned less than 4%. Away from fixed deals, easy access and notice ISAs also thrived this year, great news for savers who wanted flexibility with their cash.

“A clear winner for savers this year was variable savings rates, such as the returns on offer from easy access and notice accounts. These accounts went from strength to strength as providers moved to both compete on rate and pass on consecutive Bank of England base rate rises. However, since the average easy access rate peaked in October, and has fallen slightly since, it is possible this rate may fall further before the year ends. As with any account, it is essential savers shop around and switch to get the best possible return on their hard-earned cash.”

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant