Savers could be handed their strongest fixed return in years as ISA rates climb to their highest rates since January 2024, according to the latest Moneyfacts UK Savings Trends Treasury Report.

The average annual annuity income has risen by £106 since March, according to personal finance data firm Moneyfacts.

Around two thirds (60%) of UK savings accounts fail to beat the Bank of England Base Rate of 3.75%, according to Moneyfacts figures.

The average stocks & shares ISA fund has enjoyed growth of 11.22% over the past 12 months, more than three times the average return offered by a cash ISA.

Cash ISA deposits have climbed £2.2bn in the last year, according to the latest Bank of England Money and Credit data.

The top fixed savings rates have seen significant falls over the past month, according to a new report.