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How You Could Make £2,850 Per Month

UK Savings Fixed Rates Highest in Almost Two Years

Personal_Finance / Savings Accounts Apr 16, 2018 - 12:24 PM GMT

By: MoneyFacts

Personal_Finance

Moneyfacts UK Savings Trends Treasury Report data (not yet published) shows that all the fixed rate averages (ISAs and non-ISAs) have increased this month, with all the rates reaching the highest point seen in almost two years.


Charlotte Nelson, Finance Expert at Moneyfacts, said:

“Fixed rates, of all types, have slowly taken a positive upwards turn, with this month’s figures resulting in the highest rates seen in almost two years. April also marks the first time in six months that all the fixed rate averages have risen.

“Challenger banks have yet again stepped up to the plate, with these providers fighting among themselves for the top spot. This competition at the top of the market has boosted fixed rates. However, the more mainstream banks have still yet to get in on this action, and the increases to average rates each month remain small as a result.

“ISA season has encouraged building societies to join the competition, with 10 of them launching new products into the market – not to mention many more increasing their fixed rate ISAs to offer some Best Buy-worthy deals.

“The increase in SWAP rates has also had a positive impact on the fixed rate markets. An increase in these rates means it is now more expensive for providers to fund their mortgage books, which in turn has led to an increased need for longer-term investment rates.

“Providers know that all signs are starting to point towards a base rate rise in May, and are perhaps choosing to increase fixed rates to encourage savers to fix before then, keeping the interest paid out to a minimum.

“Savvy savers, however, are not being enticed by these extra increases. The latest Bank of England statistics show millions of pounds flowing out of fixed rate bonds into easy access accounts, as savers opt to wait and see if the base rate will rise.

“It is not all doom and gloom for savers, though, as the prospect of a base rate rise to boost their returns brings hope. However, savers have now seen first-hand that an increase to the Bank of England Base Rate might not necessarily mean a rate rise for all. So, savers will need to keep on top of the Best Buys to ensure they get the best deal possible.“

The Moneyfacts UK Savings Trends Treasury Report, out later this month, is a comprehensive monthly overview of current and historical data for the savings and investment market, incorporating written commentary alongside graphs and tables, highlighting key trends.

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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