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Nine in 10 savings deals now beat inflation

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James Hyde, Press & PR Manager
James Hyde, Press & PR Manager T: 01603 476205 E: Email James
22/05/2024

Nine in 10 savings deals now beat inflation

Following today’s CPI fall, nine in 10 savings deals now beat inflation. Moneyfactscompare.co.uk reveals the top rate deals available to savers searching for a competitive return.

Nine in 10 savings deals now beat inflation

Following today’s CPI fall, nine in 10 savings deals now beat inflation. Moneyfactscompare.co.uk reveals the top rate deals available to savers searching for a competitive return.

  • The Consumer Price Index (CPI) fell to 2.3% during April, from 3.2% in March.
  • There are currently 1,558 savings accounts that beat inflation* (257 easy access, 164 notice accounts, 205 variable rate ISAs, 303 fixed rate ISAs and 629 fixed rate bonds).
  • The Bank of England’s modal projection rate for inflation during Q2 2025 is 2.6%.
  • In May 2023, there were no deals that could beat 8.7% (April 2023 CPI) and in May 2022, there were no deals that could beat 9.0% (April 2022 CPI).
  • The Consumer Price Index (CPI) fell to 2.3% during April, from 3.2% in March.
  • There are currently 1,558 savings accounts that beat inflation* (257 easy access, 164 notice accounts, 205 variable rate ISAs, 303 fixed rate ISAs and 629 fixed rate bonds).
  • The Bank of England’s modal projection rate for inflation during Q2 2025 is 2.6%.
  • In May 2023, there were no deals that could beat 8.7% (April 2023 CPI) and in May 2022, there were no deals that could beat 9.0% (April 2022 CPI).

 

Savings market analysis

Top savings deals at £10,000 gross

18-May-22

24-May-23

17-Apr-24

Today

Easy access account

Chase – 1.49%

Hanley Economic BS – 4.25%

Ulster Bank – 5.20%

Ulster Bank – 5.20%

Notice account

Oxbury Bank – 1.65% (180-day)

FirstSave – 4.25% (90-day)

Hinckley & Rugby BS – 5.25% (180-day)

DF Capital – 5.35%

One-year fixed rate bond

Vanquis Bank – 2.27%

SmartSave – 5.00%

SmartSave – 5.17%

Habib Bank Zurich plc – 5.21%

Two-year fixed rate bond

Al Rayan Bank – 2.68%**

Investec Bank plc (Raisin UK) – 5.07%

iFAST Global Bank – 5.10%

DF Capital – 5.07%

Three-year fixed rate bond

Al Rayan Bank – 2.78%**

Isbank (Raisin UK) – 4.95%

UBL UK – 4.85% (payable on maturity)

Shawbrook Bank – 4.71%

Four-year fixed rate bond

Ikano Bank – 2.75%

Isbank (Raisin UK) – 4.95%

UBL UK – 4.54% (payable on maturity)

Isbank (Raisin UK) – 4.50%

Five-year fixed rate bond

Hodge Bank – 2.83%

Tandem Bank – 5.00%

UBL UK – 4.95% (payable on maturity)

Shawbrook Bank – 4.57%

**Islamic bank, pays an expected profit rate. Inflation announcement dates. Top rates exclude deals with restrictive criteria. Notice accounts exclude those over 180 days.

Source: Moneyfactscompare.co.uk

 

ISA market analysis

Top savings deals at £10,000 gross

18-May-22

24-May-23

17-Apr-24

Today

Easy access ISA

Marcus by Goldman Sachs® – 1.00%

Yorkshire Building Society – 3.60%

Moneybox – 5.16% (includes bonus)

Plum – 5.06%

Notice ISA

Melton BS – 1.00% (100-day)

Marsden BS – 4.00% (180-day)

West Brom BS – 5.10% (60-day)

West Brom BS – 5.10% (60-day)

One-year fixed rate ISA

Aldermore – 1.65%

Paragon Bank – 4.40%

Virgin Money – 5.05%

Virgin Money – 5.05%

Two-year fixed rate ISA

UBL UK – 2.02% (payable on maturity)

NatWest – 4.50%

State Bank of India – 4.65%

State Bank of India – 4.65%

Three-year fixed rate ISA

Hampshire Trust Bank – 2.16%

Virgin Money – 4.41%

UBL UK – 4.59% (payable on maturity)

Shawbrook Bank – 4.41%

Four-year fixed rate ISA

UBL UK – 2.17% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 4.30% (payable on maturity)

UBL UK – 4.30% (payable on maturity)

Five-year fixed rate ISA

UBL UK – 2.30% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 4.52% (payable on maturity)

UBL UK – 4.42% (payable on maturity)

**Islamic bank, pays an expected profit rate. Inflation announcement dates. Top rates exclude deals with restrictive criteria. Notice ISAs exclude those over 180 days.

Source: Moneyfactscompare.co.uk

 

 

 

Savings market analysis

Top savings deals at £10,000 gross

18-May-22

24-May-23

17-Apr-24

Today

Easy access account

Chase – 1.49%

Hanley Economic BS – 4.25%

Ulster Bank – 5.20%

Ulster Bank – 5.20%

Notice account

Oxbury Bank – 1.65% (180-day)

FirstSave – 4.25% (90-day)

Hinckley & Rugby BS – 5.25% (180-day)

DF Capital – 5.35%

One-year fixed rate bond

Vanquis Bank – 2.27%

SmartSave – 5.00%

SmartSave – 5.17%

Habib Bank Zurich plc – 5.21%

Two-year fixed rate bond

Al Rayan Bank – 2.68%**

Investec Bank plc (Raisin UK) – 5.07%

iFAST Global Bank – 5.10%

DF Capital – 5.07%

Three-year fixed rate bond

Al Rayan Bank – 2.78%**

Isbank (Raisin UK) – 4.95%

UBL UK – 4.85% (payable on maturity)

Shawbrook Bank – 4.71%

Four-year fixed rate bond

Ikano Bank – 2.75%

Isbank (Raisin UK) – 4.95%

UBL UK – 4.54% (payable on maturity)

Isbank (Raisin UK) – 4.50%

Five-year fixed rate bond

Hodge Bank – 2.83%

Tandem Bank – 5.00%

UBL UK – 4.95% (payable on maturity)

Shawbrook Bank – 4.57%

**Islamic bank, pays an expected profit rate. Inflation announcement dates. Top rates exclude deals with restrictive criteria. Notice accounts exclude those over 180 days.

Source: Moneyfactscompare.co.uk

 

ISA market analysis

Top savings deals at £10,000 gross

18-May-22

24-May-23

17-Apr-24

Today

Easy access ISA

Marcus by Goldman Sachs® – 1.00%

Yorkshire Building Society – 3.60%

Moneybox – 5.16% (includes bonus)

Plum – 5.06%

Notice ISA

Melton BS – 1.00% (100-day)

Marsden BS – 4.00% (180-day)

West Brom BS – 5.10% (60-day)

West Brom BS – 5.10% (60-day)

One-year fixed rate ISA

Aldermore – 1.65%

Paragon Bank – 4.40%

Virgin Money – 5.05%

Virgin Money – 5.05%

Two-year fixed rate ISA

UBL UK – 2.02% (payable on maturity)

NatWest – 4.50%

State Bank of India – 4.65%

State Bank of India – 4.65%

Three-year fixed rate ISA

Hampshire Trust Bank – 2.16%

Virgin Money – 4.41%

UBL UK – 4.59% (payable on maturity)

Shawbrook Bank – 4.41%

Four-year fixed rate ISA

UBL UK – 2.17% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 4.30% (payable on maturity)

UBL UK – 4.30% (payable on maturity)

Five-year fixed rate ISA

UBL UK – 2.30% (payable on maturity)

Gatehouse Bank – 4.20%**

UBL UK – 4.52% (payable on maturity)

UBL UK – 4.42% (payable on maturity)

**Islamic bank, pays an expected profit rate. Inflation announcement dates. Top rates exclude deals with restrictive criteria. Notice ISAs exclude those over 180 days.

Source: Moneyfactscompare.co.uk

 

 

James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Over 1350 saving deals beat inflation at the time of the last CPI announcement, and following today’s news there are now well over 1500 options to choose from that deliver real returns on your cash.

“There has been some volatility across the savings market in recent times, with a mix of rate rises and reductions across the piece. Changes substantially balancing one another out has led to average rates not changing a huge amount recently in the fixed rate arena. Meanwhile, variable savings rates have remained very steady over the past few months, and this has continued in recent weeks. Savers who are about to have their existing one-year bond mature can beat the market-leader from May 2023, and those coming off longer-term deals should be able to achieve significantly higher rates if they wish to fix again.

“ISA rates rose significantly during ISA season, especially in the buildup to the deadline for utilising allowances on 5 April. Beyond that date, average rates in the sector have settled down again. The top fixed ISAs are paying less than their fixed rate bond counterparts, with very few accounts currently paying over 5% as it stands.

“As always, it’s vital that consumers consider all the options and be willing to switch if more attractive options are available. It is always best to review all relevant criteria, as eligibility and access are both important factors to take into account.”

*Data note: Please note that these savings product numbers include deals that are available to UK residents (easy access accounts, notice accounts, fixed rate bonds, variable Cash ISAs, and fixed Cash ISAs) and exclude regular savers, children’s savers, variable rate fixed term bonds or ISAs, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.

James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Over 1350 saving deals beat inflation at the time of the last CPI announcement, and following today’s news there are now well over 1500 options to choose from that deliver real returns on your cash.

“There has been some volatility across the savings market in recent times, with a mix of rate rises and reductions across the piece. Changes substantially balancing one another out has led to average rates not changing a huge amount recently in the fixed rate arena. Meanwhile, variable savings rates have remained very steady over the past few months, and this has continued in recent weeks. Savers who are about to have their existing one-year bond mature can beat the market-leader from May 2023, and those coming off longer-term deals should be able to achieve significantly higher rates if they wish to fix again.

“ISA rates rose significantly during ISA season, especially in the buildup to the deadline for utilising allowances on 5 April. Beyond that date, average rates in the sector have settled down again. The top fixed ISAs are paying less than their fixed rate bond counterparts, with very few accounts currently paying over 5% as it stands.

“As always, it’s vital that consumers consider all the options and be willing to switch if more attractive options are available. It is always best to review all relevant criteria, as eligibility and access are both important factors to take into account.”

*Data note: Please note that these savings product numbers include deals that are available to UK residents (easy access accounts, notice accounts, fixed rate bonds, variable Cash ISAs, and fixed Cash ISAs) and exclude regular savers, children’s savers, variable rate fixed term bonds or ISAs, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.

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.

 

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James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant