According to financial information website Moneyfacts, the average one-year fixed Isa rate has increased to the highest level since 2024 – at around 4.26% in September this year. Jazz Gakhal, chief executive officer of Skipton Building Society’s money business, says it’s important that savers check the rate offered on their existing ISAs.
She said: “It’s encouraging to see fixed ISA rates improving, with the increase driven by a combination of shifting expectations around interest rates over the last few months and strong competition. With around £93 billion of fixed-rate savings due to mature over the next three months according to Skipton’s analysis of CACI data, it’s an important period for the savings market as providers look to attract savers whose fixed-rate accounts are coming to an end.
“For savers, this is a good reminder not to sleep on your savings. Many people experience what we call ‘money moving paralysis’ and leave their money where it is because reviewing their options feels like a hassle. But taking a few minutes to check your existing ISA, particularly if you’ve held it for several years, could make a real difference. Make sure you know what rate you’re earning and compare it with what’s available on the market, as many savers don’t realise their interest rate is no longer competitive.”
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