Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:
“The vast majority of top rates have remained largely unchanged since the previous inflation announcement; however, short-term bonds and Cash ISAs continue to be slashed and as a result savers can no longer get any fixed returns paying above 5% across both ISAs and non-ISAs. The table-topping longer-term fixed rates are resilient, but there have been a few new brands taking market-leading positions over shorter-terms.
“The top easy access account for new customers has suffered significantly over the past month, seeing the largest drop of 0.35%, so it is crucial savers vigilantly monitor the top rates and are prepared to switch if their rate gets cut. Research conducted by the Bank of England revealed that there is £252bn sitting in UK current or savings accounts earning no interest, which signals the glaring apathy savers have towards their nest eggs. To avoid missing out on interest payments, there is a large selection of accounts for savers to choose from which offer inflation-busting rates. If savers are unsure which deal is best suited to their circumstances it is best to seek professional advice.
“Easy access ISAs stand to be the most improved since the previous announcement, with the top rate paying 0.20% more, therefore making it one of the last remaining deals for new customers that pays above 5%, with the other being a non-ISA notice account. Savers would be wise to secure these attractive deals quickly, especially as the base rate cut announced earlier this month has led to providers passing this on to their variable rates.
“Predictions show that inflation is set to take an upwards turn in 2025 but will continue to remain around the Bank of England’s target of 2%, but the future of further cuts to base rate is uncertain. Sensible savers would be wise to lock away their cash for guaranteed returns and can use comparison websites to monitor the best deals available.”
*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.
Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:
“The vast majority of top rates have remained largely unchanged since the previous inflation announcement; however, short-term bonds and Cash ISAs continue to be slashed and as a result savers can no longer get any fixed returns paying above 5% across both ISAs and non-ISAs. The table-topping longer-term fixed rates are resilient, but there have been a few new brands taking market-leading positions over shorter-terms.
“The top easy access account for new customers has suffered significantly over the past month, seeing the largest drop of 0.35%, so it is crucial savers vigilantly monitor the top rates and are prepared to switch if their rate gets cut. Research conducted by the Bank of England revealed that there is £252bn sitting in UK current or savings accounts earning no interest, which signals the glaring apathy savers have towards their nest eggs. To avoid missing out on interest payments, there is a large selection of accounts for savers to choose from which offer inflation-busting rates. If savers are unsure which deal is best suited to their circumstances it is best to seek professional advice.
“Easy access ISAs stand to be the most improved since the previous announcement, with the top rate paying 0.20% more, therefore making it one of the last remaining deals for new customers that pays above 5%, with the other being a non-ISA notice account. Savers would be wise to secure these attractive deals quickly, especially as the base rate cut announced earlier this month has led to providers passing this on to their variable rates.
“Predictions show that inflation is set to take an upwards turn in 2025 but will continue to remain around the Bank of England’s target of 2%, but the future of further cuts to base rate is uncertain. Sensible savers would be wise to lock away their cash for guaranteed returns and can use comparison websites to monitor the best deals available.”
*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.
