Typical savings rates have slumped to record lows across the board, according to analysis of the market. Interest rates have dipped to record lows across the savings spectrum, research by Moneyfacts.co.uk, whose electronic records go back to 2007, found.
The average easy access rate fell to 0.19% in December, which is less than a third of the rate of 0.60% paid a year ago, it said.
Fixed rates on savings deals have also tumbled, with the average one-year bond paying less than half that it did back in December 2019, at 0.54% compared with 1.23%.
The choice of products has also shrunk. There are now 1,514 savings deals including ISAs on the market - 312 fewer than a year ago.
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