What’s next for savings rates in 2024?

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Find out what the year ahead holds for fixed rates, easy access, and Cash ISAs in our 2024 savings outlook. Plus, how to make the most of 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 28 December 2023

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

2023 was another big year for savings rates.

Fixed rates climbed past 6%, the highest level since 2008, and billions were poured into savings accounts.

A lot of fixed rates are still above 5%, but the market looks like it’s running out of steam and the window of opportunity is closing – it could be time to act now before it’s too late.

Here’s a closer look at where rates might go in the next 12 months, and how you could get more from your cash.

This article isn’t personal advice. If you’re not sure if something is right for you, seek advice.

In September, the Bank of England paused the base interest rate for the first time in nearly two years. This led to expectations that the rate had peaked – and might start moving down later in 2024.

These expectations have already been priced into the fixed-rate savings