Product choice in the savings market has increased to a record 2,117 deals in December, new figures published by Moneyfacts have shown.

This is the highest count on Moneyfacts’ records since it began collecting the data in February 2007.

Moneyfacts also confirmed that the choice of cash ISAs has climbed to 575 deals, which is a new record high.

The average easy access rate dropped month-on-month to 2.95%, its biggest fall since June 2020 and is at its lowest since September 2023, while the average notice rate fell to 4.09%.

Moneyfacts also revealed that the average easy access ISA rate also fell to 3.15%, its biggest drop since June 2020 and is at its lowest since September 2023, while the average notice ISA rate fell to 3.97%.

In the bond market, the average one-year fixed bond rate fell to 4.18%, its lowest point since May 2023. The average longer-term fixed bond rose to 3.90%, however, its first rise since July this year.

Finance expert at Moneyfacts, Rachel Springall, said: “Savers may find it encouraging to see product choice hitting a record high despite ongoing rate volatility. The savings landscape has changed significantly over the years and a rise in product choice can instil an optimistic view for savers who need different types of accounts to suit various needs.

“Challenger banks have notably worked hard this year in injecting some healthy competition into the market, with their intent to draw in funds for their future lending. However, average rate moves showed mixed signs month-on-month; while some fell or remained unchanged, longer-term fixed rates rose.”

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