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Fixed rates see largest monthly rise in over a decade
Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 16/05/2022

Moneyfacts UK Savings Trends Treasury Report data shows average fixed rates have seen their biggest monthly rises in over a decade. The average one-year fixed bond, longer-term fixed bond, and longer-term fixed ISA stand at their highest levels since 2019.

The average one-year bond rate rose month-on-month to 1.24% and stands at its highest level in over two years. This is the biggest month-on-month rise since April 2011 and is the highest average rate recorded since November 2019 (1.28%). The average long-term fixed bond rate rose to 1.68%, the biggest rise since August 2009 and stands at its highest since August 2019 (1.72%).

Meanwhile, product choice overall has grown by 279 deals year-on-year, to 1,685 savings deals (including ISAs), the highest count in choice since March 2020, and is far beyond the record low count of 1,340 in April 2021.  

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Best UK savings rates this week

Last updated: 13th May 2022 12:00pm

None of the market-leading providers this week share the top spot with their competitors.

Many of the marketing-leading rates on this week’s round-up have changed. The fixed-rate market, for one, has a completely new look with a complete set of new providers when compared to last week’s round-up. This, in part, can be attributed to the emergence of Swedish provider Ikano Bank, which offers the best rate on the two and three year fixed charts. On the easy access chart, Chase’s lead remains large, with Al Rayan Bank pipping Gatehouse Bank to second spot. In the notice account market, RCI Bank UK’s latest rate increase means its RCI Bank E-Volve Savings 14 Day Notice Account is clear of its competitors.

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Nationwide BS’s Triple Access Online ISA matches market-leading rates

The ISA pays 1%, matching the market-leading rates of other restriction-free easy access ISAs.

Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%. It means this offer matches the market-leading rate from Marcus by Goldman Sachs®, SAGA, and Al Rayan Bank on our easy access ISA charts.

“Our new Triple Access Online ISA will offer a market-leading rate from a brand savers know and trust,” said Tom Riley, Director of Banking and Savings at Nationwide Building Society.

In March, Nationwide BS increased the rate on this product from 0.25% to 0.70%, but it was still some way behind the market-leading rate at the time.

The 1 Year Triple Access Online ISA’s rate improved to 0.80% in April before the increase today.

While this offer matches the other restriction-free easy access ISAs on the market, its rate is beaten by Bath BS’s and Suffolk Building Society’s restricted offers ISAs.

Bath BS’s Instant ISA pays a rate of 1.09% but it is only available to existing members and those who can prove they either live, work, or study in Bath.

Suffolk Building Society’s Stepping Stone ISA, which pays a rate of 1.30%, has similar restrictions. It is only available to existing members, those aged between 16 and 20, and living in certain postcode areas.

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The best UK ISA rates this week

Last updated: 12th May 2022 at 12:00pm 

New providers end Shawbrook Bank’s hold on the fixed rate market.

Rates across the ISA market continue to edge upwards, with a host of new providers now offering market-leading rates. The fixed rate ISA market saw the most volatility in the past week, with several new providers overtaking Shawbrook Bank to provide new market-leading rates. Meanwhile, the easy access chart saw Tesco Bank shoot into second place with its Instant Access Cash ISA now offering a rate of 0.95%.

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Moneyfacts pick of the week

Last updated: 12th May 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. These can range from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Four in ten savers already using savings to combat cost of living crisis

11th May 2022

Four in ten savers have been forced to use their savings account to help cope with the rising cost of living over the past 12 months. This is according to Yorkshire Building Society and the Centre for Economics and Business Research’s Inflation Nation report, which was released today.

Four in ten savers have been forced to use their savings account to help cope with the rising cost of living over the past 12 months.

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BREAKING: Bank of England increases base rate to 1%

5th May 2022

The Bank of England has today increased base rate by 0.25%, up from 0.75% to 1.00%. The decision to increase base rate will be disappointing news to consumers who are already facing a cost of living crisis, with further rises anticipated over the next 12 months. Borrowers sitting on a variable rate may want to lock into a competitive fixed rate mortgage deal to protect themselves from rising interest rates, perhaps sooner rather than later as fixed rates rise, with the average two-year fixed rate surpassing 3.00%.

The Bank of England has today increased base rate by 0.25%, up from 0.75% to 1.00%.

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Ford Money increases fixed rate cash ISAs by 0.10%

3rd May 2022

Ford Money has increased its two and three year fixed rate cash ISAs by 0.10% today. The rate increase means the Fixed Cash ISA 2 Year and the Fixed Cash ISA 3 Year now offer a rate of 1.70% and 1.75% respectively. “We have taken this action as part of our routine practice of regularly reviewing our product portfolio and positioning within the wider savings market,” Ford Money said in a press release

Ford Money has increased its two and three year fixed rate cash ISAs by 0.10% today.

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Rivalry in the easy access arena as top rates improve

3rd May 2022

Savers looking for a simple savings account will find easy access accounts have improved over the past few months. Indeed, our latest analysis shows that the average rate of the current top six easy access accounts and easy access ISAs now pay more than double compared with a year ago.

Savers looking for a simple savings account will find easy access accounts have improved over the past few months.

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Most Popular Savings News

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The best UK ISA rates this week

12th May 2022

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.

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Best UK savings rates this week

13th May 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.

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What are the best performing ISA investment funds?

11th March 2022

Global stock markets ended 2021 on a high, with the FTSE 100 finishing 14.3% up on the start of the year and the S&P 500 close to a 27% gain over the same timescale. Performance in 2022 will be dependent on many factors, including inflation, economic growth and the progress of the pandemic but also monetary policy and the potential for more interest rate increases.

Global stock markets ended 2021 on a high, with the FTSE 100 finishing 14.3% up on the start of the year.

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Nationwide BS’s Triple Access Online ISA matches market-leading rates

13th May 2022

Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%. It means this offer matches the market-leading rate from Marcus by Goldman Sachs®, SAGA, and Al Rayan Bank on our easy access ISA charts.

Nationwide BS launched a new issue of its 1 Year Triple Access Online ISA today, offering a rate of 1%.

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