One-year fixed savings rates have reached 4.41%, the highest since September 2024, and the average fixed rate across all terms is 4.49%. Personal finance experts say savers could earn about £215 more a year on £10,000 by choosing a 5.15% account instead of one paying 3%. Caitlyn Eastell of Moneyfacts notes that non-ISA fixed rates have risen for over six months, and top rates across all terms are above 5% for the first time since December 2023. Fixed bonds lock money away for the full term, so savers risk missing out if rates rise further. Meanwhile, £4.4 billion flowed into ISAs in August, ahead of the cash ISA changes in April.
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