The average rate being offered on a one-year fixed bond has fallen to a record low of 0.61%, according to Moneyfacts (PA)The average rate being offered on a one-year fixed bond has fallen to a record low of 0.61%, according to a website. Typical one-year bond rates are less than half the 1.28% average seen a year ago, Moneyfacts.co.uk said. Six months ago, the average rate being offered on this product was 0.85%. Rachel Springall, a finance expert at Moneyfacts, said the record low rate of 0.61% has been fuelled by rate cuts to several top deals, including those offered by challenger banks. The average one-year fixed Isa rate stands at 0.58%, down by 0.63 percentage points over the past 12 months.

Source: Irish Independent November 16, 2020 11:03 UTC