Overall savings product choice has beaten all-time highs for a sixth consecutive month, increasing to 2,583 savings products, including ISAs in July, Moneyfacts has revealed.

The latest Moneyfacts UK Savings Trends Treasury Report found that excluding ISAs, product count rose to 1,853, which is the highest number of non-ISA products listed since records began in February 2007. The number of cash ISAs fell for the second month to 730 products.

The number of accounts paying above the Bank of England base rate at £5,000 rose to stand at 1,385, which is the highest figure since April 2020.

Moneyfacts revealed that the average easy access rate increased by the biggest margin since October 2023 to 2.53%, which is the highest rate in almost a year, while the average easy access ISA rate dropped to 2.72%.

The average one-year fixed rate rose to 4.22%, the highest rate since November 2024, while the longer-term fixed rate jumped to its highest figure in over two years, standing at 4.24%.

However, the average one-year fixed ISA rate fell for the first time in five months to 4.21%. The longer-term fixed USA rate held steady at 4.22%, its joint highest since January 2024.

Personal finance analyst at Moneyfacts, Caitlyn Eastell, said that savers "have reason to be encouraged" as competition across the savings market shows no sign of slowing.

She concluded: "While savers are winning, for providers, the intensifying competition means the cost of attracting and keeping savers’ money is rising, putting more pressure on margins. However, this may be necessary, particularly for providers looking to support any lending activity and manage their funding.

"The current condition of the savings market strongly favours active savers. Regularly reviewing and switching accounts can make a meaningful difference to how quickly savings grow, helping savers benefit from the most competitive rates available. Those who leave money sitting in older or lower-paying accounts risk missing out on hundreds of pounds in potential interest."

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