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Derin Clark

Derin Clark

Online Reporter
Published: 21/09/2020

Savers are being urged to act quickly to secure the best saving deals available as the average shelf life of a fixed rate bond has fallen to just 36 days, which is its lowest level in over a decade.

Figures to be released in the Moneyfacts Savings Treasury Report show that the average shelf life on a fixed rate bond, which often offers the most competitive saving rates, has fallen from 42 days in August to just 36 days in September. This means that savers who do not act quickly to secure the best savings rates could find that they are missing out, as products are swiftly withdrawn after launch as they reach their maximum deposit threshold within record times.

Although the shelf life of fixed rate bond has fallen, average rates have seen a slight increase over the last month. Between August and September, the average rate on a one year fixed rate bond increased by 0.02%, from 0.63% in August to 0.65% in September. At the same time, the average rate on a longer-term fixed rate bond also increased by 0.02%, from 0.84% in August to 0.86% in September.

This is good news for savers able to lock their money into a savings account with a fixed rate term but, during these times of economic uncertainty, many savers are preferring easy access accounts, which allow them quick access to their money. So, it will come as a disappointment to many savers that the average rate on an easy access savings account has remained at 0.22% between August and September.

“Savers may be prioritising access to their cash due to the impact of the Coronavirus pandemic and have perhaps had more disposable income to put aside in case of emergencies,” explained Rachel Springall, finance expert at “One of the most flexible and simple accounts out there to put spare cash into is an easy access account. Indeed, according to deposit data from the Bank of England, almost £53bn flowed into interest-bearing sight deposits since January, which includes easy access accounts. On the other hand, cash continues to flow out of fixed accounts and in the months to come savers might not want their cash locked away for too long.”

When looking at saving rates, savers should keep in mind that there are often rates available in the charts that are significantly higher than the average rates. For example, while the average easy access saving rate stands at 0.22% in September, the top-paying rate in the chart is currently 1.20%. This, combined with the fact that saving products are on the rise (rising from 1,083 in August to 1,133 in September), means that savers should regularly check the savings chart when looking for the best rates available.

Springall added: “In light of the uplift in rates and choice this month, savers will need to keep a close eye on the changing market and providers will need to act quickly to cope with excess demand. If providers do indeed hit their desired subscription limits, then they may cut rates or pull deals entirely to manage their exposure in the savings market.”

You can compare all the best fixed rate bonds and easy access savings rates on our charts.


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