The number of savings providers and product choice on the market reached respective record highs in August, Moneyfacts has revealed.

The firm’s latest UK Savings Trends Treasury Report found that product choice for UK consumers increased to a record high of 2,274 savings deals, including ISAs.

The number of cash ISAs available to consumers jumped to 648 deals in August, another record high and its seventh consecutive monthly rise.

In terms of savings rates, Moneyfacts revealed that average fixed bond and ISA rates now all sit below 4% for the first time since April 2023.

The average easy access savings rate remained at 2.68% month-on-month, which is still its lowest level since July 2023, where average rates stood at 2.41%. Meanwhile, the average easy access ISA rate dropped to 2.90%, which is the lowest rate since August 2023.

The average notice rate and ISA notice rate remained unchanged at 3.62% and 3.49% respectively. These rates are at their lowest level since July 2023.

Furthermore, average fixed bond and ISA rates, both one-year and longer-term, are all now below 4% for the first time since April 2023. However, inflation is expected to rise to 4% in September.

The average one-year fixed bond rate now sits at 3.99%, while the average one-year ISA rate remained unchanged at 3.95% in August.

The average longer-term fixed rate dropped to 3.88% in August, which is the lowest rate since April 2023, while the average longer-term fixed ISA rate increased for the first time since April 2025 to 3.84%.

Finance expert at Moneyfacts, Rachel Springall, said the increase in savings product choice has been driven by an increase in the number of new challenger banks entering the market.

She added: "The lack of any significant moves to variable rates during July suggests perhaps a stalling approach from providers, which may well be expected. Murmurs circulated by economists for a cut to the Bank of England base rate, and this came to fruition earlier this month.

"It will be interesting to see whether more cash will be locked away in the coming months, particularly if savers rush to beat inflation which is expected to climb to 4% in September."

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