Savers have a record high choice of deals to select from, but some rates have been falling to their lowest level in around two years typically, according to a financial information website’s data.
Moneyfacts counted 2,235 savings deals, including cash Isas, at the start of June, marking the highest total on its records, going back to February 2007.
Some 639 cash Isa deals were available at the start of June, which was also a record high.
The number of savings providers rose to 153, up from 152 last month, which was another high for Moneyfacts’ records. The website tracked data from the first available day of each month for the research.
The figures were released ahead of the next Bank of England base rate decision this week. Many economists have predicted the Bank of England’s Monetary Policy Committee (MPC) will opt to keep rates on hold at 4.25% when it meets on Thursday, following previous cuts.
New UK inflation figures for May will also be released on Wednesday. Rising living costs eat into the returns that savers can make on their cash.
According to Moneyfacts’ figures, the average easy access savings rate on the market fell to 2.71% at the start of June, from 2.78% at the start of May.
In June 2024, the average easy access savings rate on the market was 3.12%.
Moneyfacts said the June 2025 figure is the lowest since July 2023, when the average easy access savings rate on the market was 2.41%.
The average notice savings account rate was also at its lowest level since July 2023, falling to 3.67% in June.
The typical easy access Isa rate was 2.98% at the start of June – its lowest level since August 2023.
The average notice Isa rate fell to 3.55% – its lowest level since July 2023.
Meanwhile an average one-year fixed bond on the market pays 4.01% – the lowest average rate recorded for the product since May 2023.
The average one-year fixed Isa rate fell to 3.94% – also the lowest level since May 2023.
Rachel Springall, a finance expert at Moneyfacts, said that a rise in challenger banks had been a “big contributing factor” to the choice of savings products.
She continued: “However, the recent cut to the Bank of England base rate may well dampen such growth in product choice and new rivals, as it has led to cuts to variable savings rates.”
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