However, the shelf life for fixed rate bond was seen as falling to 33 days on average. This is the lowest since October 2020, when it was 28 days and down from 53 days a month ago.
Rachel Springall, Finance Expert at Moneyfacts, said: “Vigorous competition from savings providers has resulted in the average shelf life for a fixed rate bond falling to 33 days on average and all fixed bond and fixed ISA rates rose month-on-month.
“Average rates on fixed bonds and ISAs are now at their highest level all year, which will be great news to savers. However, savings providers will need to act quickly to react to the notable flux of rate rises in the market and indeed any demand from savers looking to fix their cash for a competitive return.
“Savers who feel uneasy in locking their money away for a year or more may find notice accounts as an alternative between fixed and easy access accounts, especially as notice rates are on the rise.