James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:
“Inflation remains well above the Government’s target of 2%, and as such is still eating into savers’ money in real terms. It is vital that people consider their options to ensure their investments are delivering competitive returns.
“Some of the latest top fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rating easy access accounts have continued to rise. There is still a good deal of competition and movement at the top end of the market, so savers should have flexibility to spread their cash to allow them to take advantage of higher returns but also retain resilience for any unexpected circumstances. However, people should be aware that popular accounts may be pulled or their rates could decrease, so swiftness to secure the best option is key.
“Following 14 consecutive base rates, the Bank of England’s decision to pause at 5.25% has precipitated a cooling in the rise of top savings rates, but there continues to be substantial activity between providers, and competitive deals are available. It remains essential that savers are prepared to vote with their feet if they are not being incentivised to show loyalty. Savers should consider which type of account suits them best, and how much access they require to their savings, to secure the best return.
“Providers have again been especially willing to raise the bar on ISAs this month, with several notable improvements made across the market. With the choice of ISA products among the highest level on our records, and variable rates still rising, now may be a good time to consider options in this area. Regardless of which options savers choose to pursue, they should consider all options fully alongside their personal circumstances, and be aware of less established brands which may be offering more enticing deals.”
*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, 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:
“Inflation remains well above the Government’s target of 2%, and as such is still eating into savers’ money in real terms. It is vital that people consider their options to ensure their investments are delivering competitive returns.
“Some of the latest top fixed rate deals for savers have fallen slightly since the last inflation announcement, although top rating easy access accounts have continued to rise. There is still a good deal of competition and movement at the top end of the market, so savers should have flexibility to spread their cash to allow them to take advantage of higher returns but also retain resilience for any unexpected circumstances. However, people should be aware that popular accounts may be pulled or their rates could decrease, so swiftness to secure the best option is key.
“Following 14 consecutive base rates, the Bank of England’s decision to pause at 5.25% has precipitated a cooling in the rise of top savings rates, but there continues to be substantial activity between providers, and competitive deals are available. It remains essential that savers are prepared to vote with their feet if they are not being incentivised to show loyalty. Savers should consider which type of account suits them best, and how much access they require to their savings, to secure the best return.
“Providers have again been especially willing to raise the bar on ISAs this month, with several notable improvements made across the market. With the choice of ISA products among the highest level on our records, and variable rates still rising, now may be a good time to consider options in this area. Regardless of which options savers choose to pursue, they should consider all options fully alongside their personal circumstances, and be aware of less established brands which may be offering more enticing deals.”
*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, JISAs and LISAs, based on a £10,000 deposit, gross rates. Higher rates may be available for other levels of deposit.
