Top Savings News

nigel woollsey

Nigel Woollsey

Online Writer
Published: 01/04/2020

Despite the turmoil that the Coronavirus pandemic has caused across the world’s financial markets, there are more people today celebrating a win on their premium bonds. As usual, two lucky premium bond holders have walked away with a £1 million tax-free lump sum and countless others have won runners-up prizes ranging from £100,000 down to a handy £25.

Savers looking to benefit from increasing ISA rates as we enter the final week before the new tax year will be disappointed to see that average ISA rates have fallen this month, however there is hope as competitive rates are still available.

In fact, our research has found that average rates on easy access ISAs, notice ISA, as well as one, two and five year fixed rates ISAs have all fallen since the start of the month, despite this being traditional ISA season. The average rate on an easy access ISA has fallen by 0.03% in the last four weeks, while average notice ISA rates have fallen by 0.04% during this same period. In addition to this, the average one, two and five year fixed rate ISA rates have fallen by 0.09%, 0.12% and 0.18% respectively since the 2 March 2020.

Average ISA rates during March 2020

  Easy access ISA Notice ISA One year fixed rate ISA Two year fixed rate ISA Five year fixed rate ISA
2 March 2020 0.83% 1.13% 1.14% 1.18% 1.47%
9 March 2020 0.84% 1.13% 1.13% 1.19% 1.46%
16 March 2020 0.83% 1.13% 1.13% 1.14% 1.45%
23 March 2020 0.81% 1.12% 1.07% 1.10% 1.44%
30 March 2020 0.80% 1.09% 1.05% 1.06% 1.29%

After two weeks of consecutive base rate cuts, there was a little good news for savers this week as inflation fell to 1.7% and yesterday the Bank of England held base rate at 0.10%. In addition to this, there have been new higher top rates available in the three, two and one year fixed rate bond charts this week, as well as the easy access chart.

Despite two consecutive base rate cuts, many of the top rates available in last week’s ISA charts are still available to savers this week. Saying this, average ISA rates have fallen since the 10 March 2020, so savers should act quickly to secure the best rates available, as there is the possibility that over the coming weeks providers will start to drop their rates.

It should be noted that the rates below are the best rates available on Thursday and, although correct at the time of publishing, they may not be available on Friday.

Today the Bank of England announced that it held base rate at 0.10%, while yesterday the latest Consumer Price Index (CPI) showed that inflation fell from 1.8% to 1.7% during February.

While savers will welcome the news that inflation has fallen, there are still few savings accounts that are able to beat 1.7%. In fact, our research has found that on the day the inflation figure was revealed, just 36 fixed rate bonds could match or beat inflation and of these, just 26 could beat inflation. In addition to this, no easy access or notice accounts can currently match or beat inflation.

Along with the inflation figures, today it was announced that the Bank of England has held base rate at 0.10%. This announcement comes just after two unexpected consecutive base rate cuts in the previous two weeks. On the 19 March 2020, the Bank of England cut base rate from 0.75% to 0.25% and just a week later it was cut again from 0.25% to a record low of 0.10%. These cuts were made in response to the current economic crisis caused by the Covid-19 outbreak.

The savings market has already reacted to the cut in base rate, with average savings rates falling on all products within the savings and ISAs charts. However, there is hope for savers, as there are still some competitive rates available in the charts. As Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “For those willing to shop around and keep a close eye on the top rate tables, there are still some competitive options available. Savers may want to consider some of the challenger banks and less familiar brand names or, if they are able to lock into a fixed rate account for a period of time, then that might be a route to secure the highest available returns. However, in an ever-evolving market, they would do well to act quickly and secure an account before it is withdrawn.”

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