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Newsroom
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The clock is ticking on the top fixed-rate savings. Here’s what could be next, and what you can do with your savings.
This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.
Published on 9 January 2024
It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.
After two years in the spotlight, it looks like fixed rates are well and truly on the way down.
From October to December, the average one-year fixed rate fell from 5.45% to 4.89%. In the same time, one-year Cash ISA rates fell from 3.35% to 2.56%.
Longer term fixes had an even bigger fall. With the average rates for a two-year fixed or above falling way below 5% in December.
However, there are still opportunities for a good deal on your cash, if you’re looking in the right place.
This article isn’t personal advice. If you’re not sure if something is right for you, ask for advice.
The trend is likely to keep going downwards, if so there’s nothing to gain from waiting. If the decline does continue, savers keen to lock in 5% rates for one year might only have a few more months, or weeks, to do it.
Fixing now means money will keep getting that rate
Read more on hl.co.uk