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Derin Clark

Derin Clark

Online Reporter
Published: 15/11/2021

Rates on easy access and fixed savings accounts have risen this month and have reached their highest level this year, but average rates are still significantly lower than before the pandemic.

This month, the average easy access savings account reached 0.19%, which despite being the highest it has been since December 2020, is 0.43% lower compared to two years ago when the average rate stood at 0.62%.

Although average rates on easy access savings accounts remain disappointingly low, top rates in the charts are substantially higher than average rates.

For example, Shawbrook Bank currently tops the easy access savings chart with its Easy Access – Issue 28 paying 0.67% AER. Furthermore, the next two best rates – Cynergy Bank’s Online Easy Access Account (Issue 42) and Paragon Bank’s Triple Access Account (Issue 5) pay 0.66% AER and 0.65% AER respectively.

Notably, the three top easy access rates all come from challenger banks. Much of the drive behind increasing easy access savings rates has come from competition among challenger banks, which means that savers with easy access accounts with high street banks may find that they are continuing to earn very little interest, sometimes as little as 0.01%, on their savings.

Rachel Springall, finance expert at, said: “According to the Bank of England, during September there was an inflow into sight deposits of almost £7.5 billion, which is £87.5 billion so far during 2021. Some of these savers may well have their cash stored with a high street bank for security, but these savers could stand to miss out on a much better interest rate if they don’t switch as it is the challenger banks and building societies dominating the top rate tables.”

Fixed rate bonds rates rise

Along with the average rates on easy access savings accounts rising, this month has also seen the average rates on one year and longer-term fixed rate bonds reach their highest levels this year.

The average one year fixed bond rate now stands at 0.77%, which is 0.16% higher than a year ago when the average rate stood at 0.61%. Average rates, however, remain below what they were before the pandemic with the average one year fixed bond standing at 1.28% in November 2019.

Similarly, during November the average rate on longer-term fixed rate bonds reached its highest point this year, standing at 1.06%, which although 0.19% higher compared to a year ago, is still substantially lower compared to November 2019 when the average rate stood at 1.54%.

Again, the rise in average fixed bond rates is in part down to competition among challenger banks, as Springall said: “Fixed bond rates continue to rise, thanks to a healthy injection of competition among challenger banks, which means both the average one year fixed and longer-term fixed rate bond has risen for seven consecutive months.”

Although savers may be disappointed that average rates are nowhere near what was available before the pandemic the fact that competition among challenger banks is leading to rising fixed bond rates may help to increase rates further.

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