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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, 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.

What are the best savings rates today?

The rise in average saving rates has correlated with increasing competition at the top of the savings charts. For example, at the time of writing, three accounts offer the top fixed bond rate of 2.00%. JN Bank pays 2.00% AER on its Fixed Term Savings Account, QIB (UK) pays an expected profit rate of 2.00% on its Raisin UK – 5 Year Fixed Term Deposit and Recognise Bank pays 2.00% AER on its 5 Year Fixed Rate Account. Meanwhile, the top one year bond rate stands at 1.51%, with Gatehouse Bank paying an expected profit rate of 1.51% AER on its 1 Year Fixed Term Green Saver.

Savers looking for an easy access savings account will find that the top rate available to new and existing customers is Cynergy Bank’s Online Easy Access Account (Issue 42) which pays 0.66% AER and includes a 0.36% bonus for 12 months. The next best rate in this chart is 0.65% AER paid by Coventry Building Society on its Four Access Saver and Family Building Society on its Premium Saver (4).

Will saving rates continue to rise?

The recent average rate rises on savings accounts could be an indication that the savings market is starting to make a slow recovery. Also, some finance experts are predicting that the Bank of England could increase base rate as early as December this year, which could result in saving rates rising further. If saving rates do continue to rise, however, savers may have to consider opting for a challenger bank or building society over the biggest high street banks, as these banks continue to hold the largest share of savings deposits and, as a result, do not need to offer top rates to compete for savers’ money.

Commenting on why the biggest banks do not offer the top rates on easy access savings accounts, Derek Sprawling, savings director at Paragon Bank, said: “The big banks continue to account for most of the deposits currently being saved in easy access accounts, which is reflected in the fact that 72% of balances continue to receive a rate of 0.1% or less. This is driven by customers continuing to save money in low-rate accounts with high street banks because they have given in to inertia, or because of the convenience of saving in an account linked to their main account. It’s important for savers to remember that in this digital age, opening and operating a non-linked account that offers a competitive rate is easy and straightforward.”

Compare the best savings rates

Visit our easy access savings account and fixed rate bond charts to compare the best savings rates.  


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