The average rates on easy access savings accounts and fixed accounts have continued to rise month-on-month, new figures reveal.
Data published in the Moneyfacts UK Savings Trends Treasury Report shows that the average rate on easy access savings accounts has risen from 0.17% in September to 0.18% this month, just the third time it has hit this average rate since the beginning of this year. Meanwhile, the average one year fixed bond rate has also increased month-on-month, up from 0.67% to 0.76%, which Rachel Springall, finance expert at Moneyfacts.co.uk, said “is the highest rate since last June”.
Savers looking for a longer-term fixed rate bond will find that average rates are now over 1%, standing at 1.03% this month, increasing from 0.94% in September. This is the first time the average rate on longer-term fixed rate bonds has surpassed 1% since June 2020.