Savings alert: 'competitive' deal launches as average rates jump - what's available?
Savings rates remain low across the board at the moment as the Bank of England recently decided to keep the base rate at 0.1 percent. While this limits what retail banks can offer, new deals are being regularly launched to entice savers.
“Many are looking to tie-up some of their savings in competitive fixed rate deals, and our new Fixed Rate Saver account should appeal to many of these savers.”
Savers may be able to find additional offers over the coming weeks, with additional research from Moneyfacts showing average fixed bonds and ISAs rose month-on-month (June to July) for the first time since October 2020.
Additionally, the average no notice rate also rose for the first time since October and it is at the highest rate seen since February 2021.
Moneyfacts laid out July’s average rates for a range of financial products:
- Average easy access rate – 0.17 percent
- Average easy access ISA rate – 0.23 percent
- Average notice rate – 0.42 percent
- Average notice ISA rate – 0.31 percent
- Average one-year fixed rate bond – 0.52 percent
- Average longer-term fixed rate bond – 0.77 percent
- Average one-year fixed rate ISA – 0.39 percent
- Average longer-term fixed rate ISA – 0.66 percent
