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Big uptick in savings rates over the past month: The top payers now

Paloma Kubiak
Written By:
Paloma Kubiak

The past month has seen big movements in rates across the top savings deals. While inflation is still a ‘sore point’, savers are urged to compare products to earn the maximum interest.

The new tax year has seen a flurry of activity with providers upping rates on savings accounts and ISAs.

And over the past year, rates have risen off the back of 11 consecutive Bank of England base rate hikes.

All-in-all, this is positive news for savers who had become accustomed to lowly rates on their cash.

However, inflation remains the ‘sore point’ due to its eroding effect on cash, with the consumer prices index standing at 10.1% in the 12 months to March 2023.

While the figure has come down from the peak seen last year, there are currently no savings accounts on the market that can beat or even match this rate.

However, savers are urged to compare deals to get the best rate on their money and they shouldn’t be put off by the high inflation figure, according to Moneyfactscompare.

Rachel Springall, finance expert at the firm, said: “Savers may find it encouraging to see positive sentiment surrounding the top cash savings rates this month. Whether consumers wish to keep their cash in a flexible easy access account or tie it up within a fixed account earning a higher guaranteed return, it is imperative they take some time to compare the latest deals. Inflation is still a sore point, as it erodes the true spending power of savers’ cash, but this should not deter investors from switching their deals.”

Springall added that compared to a year ago, savers can now get a return of almost 3% more on the top one-year fixed bond, while the ISA market is also offering savers “attractive rates” across the variable and fixed sectors.

Below, Moneyfactscompare lists the top deals available to savers today: