Top Savings News

Derin Clark

Derin Clark

Online Reporter
Published: 15/11/2019

With the autumn ISA season now coming to an end, savers will be disappointed to see that despite it being traditionally a time of competitive rates, ISA rates have actually fallen over the last few months.

Research carried out by Moneyfacts.co.uk found that since the 1 September 2019 to today, ISA rates for all terms have fallen with the biggest drop coming from two year fixed rate ISAs, which fell by 0.15%, while easy access ISAs saw the smallest fall of 0.05%. To put this in context, at the start of September, savers could get an average rate of 0.93% on easy access ISAs, 1.27% on one year fixed ISAs, 1.3% on two year fixed ISAs and 1.75% on five year fixed ISAs. Today, the average rate for an easy access ISA is 0.88%, a one year fixed ISA is 1.17%, a two year fixed ISA is 1.15% and a five year fixed ISA is 1.61%.

Currently, easy access ISAs have the most deals with 150 products available, an increase from 149 on the market at the start of September. There has also been an increase in products in the two and five year fixed ISA charts, with 79 two year fixed ISA products and 31 five year fixed ISA products available, an increase from 71 and 29 products respectively. However, one year fixed ISAs saw the total number of products fall during the autumn ISA season, from 71 available at the start of September to 68 available today.

  1 Sept rate Today’s rate 1 Sept number of products Today’s number of products
Easy access ISA 0.93% 0.88% 149 150
One year fixed ISA 1.27% 1.17% 71 68
Two year fixed ISA 1.3% 1.15% 71 79
Five year fixed ISA 1.75% 1.61% 29 31

With the news yesterday that inflation dropped to 1.5% in October, savers will be pleased to see that there are now more inflation-beating accounts available on the market. In fact, in November 2018, just 20 savings accounts – all of which were fixed rate bonds – could beat the then inflation rate of 2.4%, whereas today 199 fixed rate bonds, 50 fixed rate ISAs and 18 notice accounts can either match or beat the current inflation rate.

Here we’ve taken a look at the best inflation-beating savings accounts currently available on the market.

With the current economic uncertainty, many savers are understandably reluctant to lock their money into a long-term fixed rate bond, despite these accounts offering the highest savings rates. This, coupled with the fact that the savings market has seen rates fall throughout the year, means that savers are facing a challenge when looking to deposit their money into an account that offers a good rate. For those who are able to lock money away for the short period of time a short-term bond could be the ideal solution, as they offer savers competitive rates without locking money into the account for five years or more.

Here we have taken a look at five of the best short-term bonds options that are currently available in our fixed rate bond charts.

Consumers should be aware that although inflation has dropped to 1.5% today, savers wanting long-term inflation-beating rates should consider locking into a long-term deal now or may find their money eroding over the next few years.

The Bank of England’s official forecast predicts that inflation will hit 2.2% in the last few months of 2022, but due to fixed bonds rates falling over the last 12 months, there is now currently only one three-year bond that can beat this rate. As a result, savers aiming to beat potential rises in inflation should instead look to towards long-term fixed rate bonds to ensure that their money does not lose value over the next three years.

Savers continued to face a challenging market this week, especially with Al Rayan Bank dropping rates on a number of its chart-topping fixed rate bonds. Saying this, those looking for an easy access account or notice account will be pleased to see that the top rates have remained available this week.

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