Number of savings deals hits record high – as interest rates slump to two-year low

Savers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?

Digitally generated image of golden piggy bank. Concept of fintech technology, new banking and savings.
(Image credit: Getty Images)

The number of savings products and providers has reached an all-time high, according to the latest data from comparison site Moneyfacts.

There are 1,596 savings accounts on offer, up from 1,420 a year ago. Meanwhile, the number of cash ISAs has crept up from 553 in June 2024 to 639 today.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.