The number of available savings products on the market has reached 2,076 deals, new figures from Moneyfacts have shown.

November’s figure, which includes ISA products, is the second highest count ever recorded by Moneyfacts.

The choice of Cash ISAs grew slightly to 559 deals while the number of savings providers rose to 149, up from 142 last month – the highest count on Moneyfacts’ records, which began in February 2007.

In terms of savings rates, however, Moneyfacts has reported that the average easy access rate fell month-on-month to 3.03%, while the average notice rate fell to 4.20%.

For ISAs, the average easy access ISA rate fell month-on-month to 3.24%, while the average notice ISA rate saw an increase, to 4.05%.

Finance expert at Moneyfacts, Rachel Springall, said: “These moves could instil a sense of optimism for savers who feel let down by the more familiar high street banks, as new challengers are more eager to attract deposits to fund their future lending.

“However, the months ahead will be challenging for both providers to keep abreast of rate adjustments and for savers to move quickly to secure a new deal.”

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