Overall product choice in the savings market has risen to a record high in April, as has the number of cash ISAs, new Moneyfacts data has shown.

Moneyfacts revealed that product choice overall rose month-on-month to 2,191 savings deals including ISAs, the highest count on the group’s records going back to February 2007.

The choice of cash ISAs climbed to 611 deals, also a new record high, while the number of savings providers rose to 151, up from 150 last month, the joint highest count on Moneyfacts’ records.

The data also showed that the average easy access rate fell month-on-month to 2.76%, now at its lowest level since July 2023, while the average notice rate fell to 3.80%, also its lowest level since July 2023.

Finance expert at Moneyfacts, Rachel Springall, commented: “Savers who are debating whether to lock into a fixed rate bond or ISA over the longer-term may find it encouraging to see average returns have breached 4% for the first time in over six months.

“Providers were keen to reprice their fixed bonds during March, and this volatility was shown in the average shelf-life of a fixed rate bond, which dipped to 46 days down from 66 days a month prior. The incentive to fix for longer is also improving, as the rate gap between the average one-year and longer-term fixed bonds has condensed to its lowest margin since July 2023.”

Springall also said that the rise in the overall number of savings providers and an increase to product choice “reinforces why savers must shake indecisiveness” and “shop around for a better deal”.

“Product choice is now at a record high, and the number of providers is at a joint record high,” she added. “Providers will need to work hard to entice new deposits, and they will no doubt be watching the markets closely to see how this may impact their future rate pricing.”

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