Overall product choice in the savings market has continued to beat all-time high, increasing to 2,642 deals including ISAs in September, Moneyfacts has revealed.

The firm’s latest UK Savings Trends Treasury Report found that excluding ISAs, product count rose to 1,894, which is the highest number of non-ISA products on record.

The number of cash ISAs increased from 746 to 748 month-on-month.

Moneyfacts revealed that as a result of one provider entering the savings market, the number of providers jumped to 160, which is the highest figure on record. The number of ISA providers remained unchanged at a record high of 106.

Across the easy access market, the average rate remained unchanged at 2.53% for the third consecutive month, while the average easy access ISA rate fell to 2.71%.

In the fixed-rate mortgage range, the average one-year fixed rate rose to 4.28%, which is the highest rate since October 2024 (4.31%). The longer-term average fixed rate jumped to 4.31%, which is its highest figure in over two years, when rates hit 4.46% in January 2024.

The average one-year fixed ISA rose to 4.26%, which is the highest rate since September 2024 (4.29%), while the average longer-term fixed ISA rose to 4.30%. This was the highest rate since January 2024 (4.32%).

Personal finance analyst at Moneyfacts, Caitlyn Eastell, stated: "Savers have been handed another welcome boost this month, with fixed savings rates continuing to climb and competition remaining incredibly strong across the market. The average one-year fixed rate has now risen for six consecutive months, while longer-term fixed rates rose for a seventh month, yet again reaching multi-year highs.

"This continued upward movement is positive news for savers who are looking to secure a guaranteed return, particularly those who have been waiting to see if rates could climb even higher. It also means that savers who locked away their cash some time ago could now find significantly more competitive options available."

Moneyfacts also revealed that for the first time since May, the average shelf-life on fixed products has jumped from 32 days to 43 days.

Eastell said this could indicate providers are becoming more comfortable holding onto competitive deals longer, although this may also be out of necessity.

She concluded: "Rising borrowing costs can quickly weigh on providers’ margins, so it’s crucial they can draw in sufficient funding to support other areas, such as lending. The rise may also give savers more breathing space to compare their options rather than feeling they must rush into a decision.

"The latest Bank of England money and credit figures suggest savers may be increasingly taking control of their cash. While almost £3.5bn came out from easy access and current accounts, households’ overall deposits still increased by £3.8bn, showing that savers are reassessing where their money is being held and moving their cash between different accounts. During times of uncertainty, this is a healthy habit to sustain and can help savers balance their financial needs. With savings choice at record levels, it’s easier than ever for savers to find better homes for their cash and protect their returns."

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