From easy access, to bonds, to ISAs, savings rates have been on the rise since the start of the year. However, according to Savings Champion, those rates are beginning to slow down somewhat.

Best bond and easy access rates

Currently, savers can get the following rates on easy access and fixed savings products, according to Savings Champion data:

• 2.81% on an easy access account
• 4.60% on a one-year bond
• 5.00% on a two-year bond
• 5.00% on a three-year bond
• 5.10% on a five-year bond

Get your hands on an easy access ISA

While rates are still rising on most ISA products, “the pace has definitely slowed, especially fixed term cash ISAs”, according to Anna Bowes, co-founder of Savings Champion.

At present, savers can get the following rates on easy access and fixed rate ISA, according to Savings Champion.

• 2.50% on an easy access cash ISA
• 3.90% on a one-year fixed term cash ISA
• 4.36% on a two-year fixed term cash ISA
• 4.41% on a three-year fixed term cash ISA
• 4.31% on a five-year fixed term cash ISA

Bowes said: “The hero of the month has been easy access cash ISAs with the top rate on offer increasing from 1.90% to 2.50% – closer but still below the best non ISA easy access rate which is paying 2.81% AER.”

She pointed out that fixed term ISA rates had slowed but that bond rates were also decelerating and that the gap between best-paying bonds and equivalent ISAs has narrowed considerably over the last few months.

She said: “A year ago, the best one-year bond was 32% higher than the best one-year ISA (1.34% compared to 0.91%). Today, the top bond is 4.60% whilst the top ISA 3.90%, a gap of just over 15% – still considerable, but much reduced.

“And importantly, the net rate of the bond after 20% tax has been deducted is 3.68%, so lower than the tax-free ISA rate – making ISAs still worth a look for those who will be utilising their Personal Savings Allowance.”