2026 Savings Market Summary

Rates and figures correct as of 2 July 2026. Savings account rate comparisons are based on Moneyfactscompare.co.uk data, which tracks the majority of the UK savings market. The Bank of England non-interest bearing deposits figure is from BoE statistical series LPMZOD3 (May 2026). Average rates cited are market averages across all tracked accounts, not best-buy rates.

While top savings rates have fallen from the 5%+ peaks seen in 2024, they remain historically competitive and continue to outpace current inflation, offering real growth for savers who actively compare accounts.

The divide between proactive savers and those leaving funds in stagnant accounts remains significant. Bank of England data (series LPMZOD3, May 2026) shows £282.6 billion sitting in accounts earning no interest at all, which means there is a large pool of savings generating no return for their holders.

According to the Moneyfacts UK Savings Trends Treasury Report, overall savings product choice rose to 2,540 deals (including ISAs) in 2026, the highest on record. Excluding ISAs, 1,792 non-ISA products were available, also a record high, alongside 748 cash ISAs.

Despite over 2,500 savings deals available across the UK market, average returns have trended downward following a series of Bank of England base rate cuts. The average easy-access savings account now pays around 2.49% AER, while the average one-year fixed rate has risen to approximately 4.07% AER as of mid-2026, reflecting shifting market expectations around future rate movements (source: Moneyfactscompare.co.uk, July 2026).

The Bank of England base rate currently stands at 3.75% (as of July 2026), having fallen from a peak of 5.25% in 2023 through a series of cuts beginning in August 2024. The top easy-access savings rates currently available reach up to 5.00% AER (inclusive of bonuses), while the leading one-year fixed rate stands at around 4.80% AER. Both of these are significantly above the base rate (source: Moneyfactscompare.co.uk, 2 July 2026, whole-of-market comparison).

As Moneyfacts' Rachel Springall has noted, customers risk being short-changed if they do not review and switch accounts: “Over the past two years, the average rate on a live easy access account has surpassed the average closed rate, despite base rate rises from the Bank of England and numerous calls for the biggest banks to improve savings rates for existing customers.

“Savers must shake any apathy they have to move their pots, otherwise they will be left disappointed when their loyalty is not rewarded.”

Read more:

• NimbleFins Best Savings Accounts Guide

• Average Household Savings & Wealth UK

• Savers can make money on cash pot for first time in 16 YEARS - if they act now

• Martin Lewis reveals hack to avoid paying tax on savings interest as HMRC to rake in £10.4bn