Cash ISAs thriving as choice reaches a record high

Moneyfacts UK Savings Trends Treasury Report data shows the choice of Cash ISAs and overall product choice across the savings spectrum has reached a record high. (Source IFA Magazine)

Savings Product Growth: The total number of savings deals (including ISAs) increased to 2,157, the highest on record since February 2007. Cash ISA options also hit a new high at 582 deals. The number of savings providers rose to 151, up from 149 last month, marking another record.
Easy Access & Notice Accounts: The average easy access rate climbed to 2.90%, its first increase since last August, while the average notice rate remained steady at 3.99%. The gap between these rates has narrowed to 1.09%, the smallest since March 2024.
ISA Rates on the Rise: The average easy access ISA rate increased to 3.05%, its first rise since last August. The average notice ISA rate also rose to 3.92%, marking its first increase since last November. The gap between notice ISAs and easy access ISAs now stands at 0.87%.
Fixed Bond Trends: The average one-year fixed bond rate climbed to 4.19%, the first rise since last July, while the average longer-term fixed bond rate rose to 3.97%, its biggest increase since September 2023. The rate difference between one-year and longer-term fixed bonds is now 0.22%, the smallest margin since September 2023. One-year fixed bond rates have remained higher than longer-term bonds since July 2023.
Fixed ISA Movements: The average one-year fixed ISA rate rose to 4.08%, while the average longer-term fixed ISA rate increased to 3.94%. The rate gap between the two remains at 0.14%, still the narrowest since August 2023

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