Average rates on some savings accounts hit 5% for first time in nearly 15 years

PA Wire

Savers looking to lock money into cash Isas or bonds lasting for a year or for the longer term will find average rates have risen above 5% for the first time in nearly 15 years, according to a website.

Based on someone having a £5,000 deposit, Moneyfacts found that, by early September, the average one-year bond had a rate of 5.34%, while the average one-year fixed-rate cash Isa paid 5.19%.