The number of savings products available on the market has risen to 2,540 deals, according to data from Moneyfacts.

This figure, which includes ISAs, is the highest on Moneyfacts’ records.

Moneyfacts’ latest UK Savings Trends Treasury Report data for May showed that savings rates are rising across the board, as product choice has hit the record and with more than half of those accounts beating the current Bank of England base rate.

The choice of cash ISAs has seen its largest monthly rise since February 2024 to stand at 748, another record high total.

Moneyfacts also revealed that excluding ISAs, the product count has climbed to 1,792 – the highest number of non-ISA products on record.

“Savers will be pleased to see savings rates are rising across the board, marking the first time since September 2023 that all average ISA and non-ISA rates have increased in the same month,” personal finance analyst at Moneyfacts, Caitlyn Eastell, commented. “These meaningful shifts could prompt savers to review where their cash is held.

“Encouragingly, while some average fixed rates have exceeded 4% in recent months, this is the first time since April 2025 that all fixed rates, including ISAs, have risen above this level at the same time.

“ISA savers continue to gain an edge, as both one-year and longer-term ISA rates outperform their non-ISA counterparts, meaning savers may no longer need to compromise between competitive returns and tax efficiency.”

---