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Moneyfacts Year In Review 2023 - Savings

5th December 2023

Photograph of Moneyfacts Year In Review 2023 - Savings

It has been a fruitful year for savers. The average easy access rate surpassed 3% and fixed rates across bonds and ISAs soared. The latest analysis by Moneyfactscompare.co.uk highlights the rises and falls across the market during 2023.

Fixed rate bonds and ISAs
The average rates on fixed rate bonds and ISAs in 2023 hit their peaks during September across all terms (from one-year up to and including five-year bonds). Fixed rates have been falling recently but are still much higher than there were for most of 2023.

The average one-year fixed bond stands at 5.14%, 0.31% down from its latest daily peak on 6 October at 5.45%, which first hit this level on 26 September but fluctuated slightly thereafter. The average one-year fixed ISA stands at 4.99%, 0.33% down from its recent daily high on 26 September at 5.32%.

The average two-year fixed bond stands at 4.97%, 0.42% down from its latest daily peak on 22 September at 5.39%. The average two-year fixed ISA stands at 4.80%, 0.47% down from its previous daily peak on 26 September at 5.27%.

The average three-year fixed bond stands at 4.72%, 0.43% down from its last daily peak on 12 September at 5.15%. The average three-year fixed ISA stands at 4.60%, 0.43% down from its previous daily high on 26 September at 5.03%.

The average four-year fixed bond stands at 4.64%, 0.40% down from its last daily peak on 27 September at 5.04%. The average four-year fixed ISA stands at 4.40%, 0.35% down from its latest daily peak on 26 September at 4.75%.

The average five-year fixed bond stands at 4.50%, 0.36% down from its last daily peak on 12 September at 4.86%. The average five-year fixed ISA stands at 4.41%, 0.36% down from its last daily peak on 27 September at 4.77%.

Variable savings and ISA rates
The average rates on easy access accounts, notice accounts and the ISA equivalents in 2023 hit their peaks towards the end of the year. The average easy access rate soared to its highest point in the year during October, with notice accounts, easy access ISAs and notice ISAs reaching their summits during November. As it stands at 1 December 2023, the average notice and notice ISA rates hold their peaks at 4.44% and 4.25% respectively. The average easy access and easy access ISA rates have been falling marginally but are still much higher than there were for most of 2023.

The average easy access rate stands at 3.18%, 0.03% down from its last daily peak on 25 October at 3.21%. The average easy access ISA rate stands at 3.31%, 0.03% down from its last daily peak on 13 November at 3.34%.

The average notice account rate stands at 4.44%, standing at its daily peak shared with other days in November. The average notice ISA rate stands at 4.25%, a daily peak also shared with other November dates.

https://www.moneyfactsgroup.co.uk/