UK Savings Rates Soar as Banks Compete for Deposits in July 2026
UK savers are benefiting from rising interest rates and an increased number of savings account choices in July 2026. According to Moneyfacts data, over 1,385 savings accounts now pay above the Bank of England base rate of 3.75%, the highest number in more than six years.
The average easy-access savings rate has climbed to 2.53%, the highest in nearly a year. Fixed-rate bonds are also offering attractive returns, with one-year fixed bonds averaging 4.22%, the best since November 2024.
Financial analysts at Moneyfacts note that savers should be proactive and switch to make the most of these products while they are available. Rachel Springall stated, 'Things are looking promising, the choice is really good, but it’s all about being proactive and switching.'