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Record-breaking savings market boosts savers’ choice

ended 16. July 2026

Overall product choice has beaten all-time highs for a sixth consecutive month, rising to 2,583 savings deals (including ISAs). Excluding ISAs, product count rose to 1,853, the highest number of non-ISA products on record (records began Feb 2007). The number of cash ISAs fell for a second month and now stands at 730.

The number of accounts paying above Base Rate at £5K rose to stand at 1,385, its highest since April 2020 (1,405).

The average easy access rate rose by its biggest margin since October 2023 to 2.53%, the highest rate in almost a year (September 2025 2.59%). The average notice rate rose to 3.40%.

The average easy access ISA rate fell to 2.72%, while the average notice ISA fell to 3.33%.

The average one-year fixed rate rose to 4.22%, its highest since November 2024 (4.24%). The longer-term average fixed rate jumped to 4.24%, its highest figure in over two years (January 2024 4.46%).

The average one-year fixed ISA rate fell for the first time in five months to 4.21%. The longer-term fixed ISA rate held steady at 4.22%, its joint highest since January 2024 (4.32%).

  • What is your reaction to this Moneyfacts data?
  • Is now a good time to be a saver?
  • What is your advice to savers?

Responses this morning.

6 responses from the Newspage community

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Anita Wright
Chartered Financial Planner at Ribble Wealth Management
There are more savings accounts than ever. But counting products is not the same as counting value. A record number of ways to lose money slowly is still a record number of ways to lose money slowly. The average easy access account pays 2.53 per cent. Against inflation and after tax, the saver is going backwards politely, with excellent customer service and a choice of 2,583 doors to walk through. All those extra accounts tell you something. Banks compete on product count when they don’t want to compete on price. Choice becomes the distraction. Is it a good time to be a saver? It’s better than it was. Use the full ISA allowance while you can. But recognise what you’re doing. You’re not building wealth. You’re slowing its erosion.​​​​​​​​​​​​​​​​
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Graham Nicoll
Financial Planner, Chartered FCSI at NCL Wealth Partners
The increased competition is good news for savers, but it is worth understanding what is driving it. Banks and building societies are competing harder for deposits, managing funding needs and responding to customers becoming more willing to switch. It is not simply about providers being more generous. For savers, this is a reminder that loyalty does not always pay. Shopping around can make a meaningful difference, but don’t focus only on the headline rate. For larger cash balances, consider FSCS protection limits, which generally cover up to £120,000 per person, per authorised banking group. However, spreading money too widely can create an administrative headache for you and your family. Good financial housekeeping matters: review your accounts regularly, consolidate where sensible, and make sure someone trusted could understand your finances if you were unable to manage them.
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Scott Gallacher
Director at Rowley Turton
Record product choice is excellent news for savers because competition generally leads to better rates. The problem is that many people remain in savings accounts paying next to nothing, often because they haven't reviewed them for years.

The biggest mistake isn't choosing the second-best savings account. It's leaving your money in the worst one.
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Rob Mansfield
Independent Financial Advisor at Rootes Wealth Management
Whilst the choice is wide, are they really competing for your money? I think this data shows that the population are demanding cash products, and savings providers are lapping it up. This is despite the governments best efforts to try and encourage people into investing. Savers should think about their long term goals. If this money is for a holiday or a new sofa then cash works fine but if it's for longer term savings, is cash providing enough or are you missing out on other opportunities?
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Nouran Moustafa
Practice Principal & IFA at Roxton Wealth
It is a good time to be an active saver, but not a passive one. Record product choice sounds positive, yet 2,583 deals can create more confusion than value. The real story is the widening gap between people who regularly move their money and those leaving cash in poor-paying legacy accounts.

Fixed rates above 4% are attractive, but savers should not lock everything away simply because the headline looks strong. Keep an accessible emergency reserve, then consider splitting the rest across different terms so all the money does not mature at once. Also compare the net return, not just the rate: a taxable account paying slightly more than an ISA may leave some savers worse off once their Personal Savings Allowance is used.

My advice is simple: audit every savings account, check when bonuses expire, use ISA allowances where tax matters, and do not reward provider inertia with your loyalty.
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Paul Denley
CEO at Oakham Wealth Management
Competition in the savings market is intense. Record product choice and nearly 1,400 accounts paying above Base Rate mean providers are fighting hard for deposits - and savers should take advantage.

The biggest danger is inertia: loyalty rarely pays in savings. Shop around, keep an emergency fund accessible and consider fixing money you will not need for a year or more. With one-year and longer term fixed rates both around 4.2%, there is currently little reward for locking money away for several years and sacrificing flexibility.

Savers should also watch the tax position. At today’s rates, it takes far less cash to use up your Personal Savings Allowance, so a slightly lower ISA rate could still leave you better off after tax.

The worst thing savers can do is leave cash languishing in an uncompetitive account.