Last updated: 11th August 2022 at 12:00pm
Fixed rate market sees stiff competition.
It is no secret that rates have been on the rise. All average savings rates saw a sixth consecutive rise for the first time on Moneyfacts’ records.
However, it is the ISA market which has seen notable rises in the latest Moneyfacts UK Savings Trends Treasury Report.
For those who are looking to take advantage of these rate increases we have highlighted some of the top rates on the market.
18th August 2022
Last updated: 18th August 2022
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:
17th August 2022
Food was the biggest contributing factor to the latest rise.
Inflation rose by 10.1% in the 12 months leading to July, according to the latest figures from the Office for National statistics (ONS). In comparison, inflation was recorded at 9.4% in the 12 months leading to June.
It means that inflation has now reached a 40-year high, with the Bank of England still predicting that inflation will rise further and peak at more than 13%.
The main contributor towards increasing inflation this month came from food costs. Between June and July this year food and non-alcoholic beverage costs rose 2.3%, the biggest monthly increase seen in 21 years.
In particular, bread, cereals, milk, cheese and eggs saw the biggest increases.
As seen in previous months, the cost of fuel also had an impact on rising inflation. Between June and July alone fuel costs rose by almost 3%, registering the single biggest monthly increase since ONS records began.
15th August 2022
All average savings rates have risen for six consecutive months for the first time on Moneyfacts’ records, with ISAs seeing notable rises.
This is according to the latest Moneyfacts UK Savings Trends Treasury Report, which found that average ISA rates have seen notable improvements. The average one-year ISA rate saw its biggest month-on-month rate rise on our records, and the average longer-term fixed ISA rate saw its biggest month-on-month rise in over a decade.
Those savers who are looking to utilise their ISA allowance and fix for longer will find the average longer-term fixed ISA rate breached 2% for the first time since October 2014. ISA outflows continued in June, according to the Bank of England, but softened, as outflows to Cash ISAs was £643 million less than the month prior.
It will be interesting to see what the next few months will bring for savers who wish to utilise their ISA allowance, coupled with the potential need of ISA holders to dip into their savings amid the rising cost of living.
15th August 2022
Written by RCi Bank.
This article is not intended to be financial advice to any individuals. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.
12th August 2022
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
11th August 2022
It has been a week since the Bank of England (BoE) increased base rate by half a percent, the biggest single increase in 27 years. Since then, savers may be pleased to see several brands, mostly building societies, have increased their variable savings rates. This has created competition within the top end of the Easy Access, Notice and Cash ISA markets meaning many could stand to earn more by switching.
It has been a week since the Bank of England (BoE) increased base rate by half a percent, the biggest single increase in 27 years.
5th August 2022
Over £300 billion worth of savings is still sitting in accounts offering a rate of 0.1% or less, according to research released by Paragon Bank and CACI, a data company, yesterday.
Over £300 billion worth of savings is still sitting in accounts offering a rate of 0.1% or less, according to research released by Paragon Bank and CACI.
12th August 2022
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
17th August 2022
Inflation rose by 10.1% in the 12 months leading to July, according to the latest figures from the Office for National statistics (ONS). In comparison, inflation was recorded at 9.4% in the 12 months leading to June.
Inflation rose by 10.1% in the 12 months leading to July, according to the latest figures from the ONS.
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