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Saving rates continue to rise
Derin Clark

Derin Clark

Online Reporter
Published: 18/10/2021

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.

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The best savings rates this week 15.10.21

During the week Cynergy Bank increased the rate and changed the issue number on its easy access savings account, so it now pays the top rate of 0.66% AER in the easy access savings chart. As well as this, JN Bank increased the rate on its five year fixed bond and QIB (UK) launched a five year fixed bond, both of which now pay the joint-top fixed bond rate.

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Why don’t the big banks want your cash?

Despite average rates on easy access savings accounts increasing month-on-month, savers with the biggest four high street banks may still find they are earning just 0.01% AER on their savings.

Of the 48 easy access savings accounts that pay 0.01% or less, 36 are high street banks and among these are the top four biggest banks – Lloyds, HSBC, Barclays and NatWest. Meanwhile, all the top 10 highest paying easy accounts in our chart open to new and existing customers come from either challenger banks or building societies – with six accounts from challenger banks.

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The best ISA rates this week 14.10.21

In the easy access ISA chart this week Cynergy Bank changed the issue number and increased the rate on its easy access ISA, resulting in it paying the top rate in this chart of 0.65% AER. Although there was no change at the top of the fixed rate ISA charts, further down the chart Paragon Bank increased the rate on its one, two, three and five year fixed rate ISAs, resulting in it now paying 0.86% AER, 1.06% AER, 1.16% AER and 1.31% AER respectively on these ISAs.

Below we’ve highlighted the top rates currently available in our comparison charts, but savers should note that these are the best rates available at 2pmon Thursday 14 October 2021 and, although correct at the time of publishing, providers may reduce or withdraw rates at any time. In addition, the rates highlighted are available only to new customers.

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The best savings rates this week 08.10.21

Competition within the easy access savings chart remains strong this week, with Leeds Building Society increasing the rate on one of its easy access accounts so that it now pays the joint second-best rate in the chart. This means eight accounts now pay the second-best easy access rate of 0.60% AER, while two accounts pay the top rate of 0.65% AER.

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Recent News

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The best ISA rates this week 07.10.21

7th October 2021

Both Newcastle Building Society and Scottish Building Society increased the rates on their easy access ISAs this week

Both Newcastle Building Society and Scottish Building Society increased the rates on their easy access ISAs this week

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Are premium bonds a good investment when inflation is rising?

6th October 2021

Premium bonds have long been a popular investment option for savers and, despite the economic uncertainty over the past 18 months

Premium bonds have long been a popular investment option for savers and, despite the economic uncertainty over the past 18 months

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Notice accounts flourish for short-term savers

4th October 2021

Competition has flourished among notice accounts which are now offering the best returns on average since the start of 2021, according to the latest analysis by Moneyfacts.co.uk, the consumer comparison site.

Competition has flourished among notice accounts which are now offering the best returns on average since the start of 2021.

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The best savings rates this week 01.10.21

1st October 2021

This week the fixed rate bond market has remained steady with no changes in the best rates available. Easy access accounts now have more banks offering top rates following the rate increase made by Marcus by Goldman Sachs® and SAGA earlier in the week.

This week the fixed rate bond market has remained steady with no changes in the best rates available.

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Most Popular Savings News

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Why don’t the big banks want your cash?

14th October 2021

Despite average rates on easy access savings accounts increasing month-on-month, savers with the biggest four high street banks may still find they are earning just 0.01% AER on their savings

Despite average rates on easy access savings accounts increasing month-on-month, savers with the biggest four high street banks may still find they are earning just 0.01% AER on their savings

Read More
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The best savings rates this week 15.10.21

15th October 2021

During the week Cynergy Bank increased the rate and changed the issue number on its easy access savings account, so it now pays the top rate of 0.66% AER in the easy access savings chart

During the week Cynergy Bank increased the rate and changed the issue number on its easy access savings account, so it now pays the top rate of 0.66% AER in the easy access savings chart

Read More
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The best ISA rates this week 14.10.21

14th October 2021

In the easy access ISA chart this week Cynergy Bank changed the issue number and increased the rate on its easy access ISA, resulting in it paying the top rate in this chart of 0.65% AER

In the easy access ISA chart this week Cynergy Bank changed the issue number and increased the rate on its easy access ISA, resulting in it paying the top rate in this chart of 0.65% AER

Read More
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Are premium bonds a good investment when inflation is rising?

6th October 2021

Premium bonds have long been a popular investment option for savers and, despite the economic uncertainty over the past 18 months

Premium bonds have long been a popular investment option for savers and, despite the economic uncertainty over the past 18 months

Read More

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