Rachel Springall, of Moneyfacts, said: “One area of the market not blessed by rate rises this month is longer-term fixed bonds, with the average rate falling for the first time since March 2023, while the average longer-term fixed Isa rate stood still.
“This signals a turnaround for the longer-term fixed-rate market, perhaps not too unexpected with base rate remaining on hold and the markets expecting rates to drop in the months ahead.”
Sarah Coles, of broker Hargreaves Lansdown, said the changes showed the market had passed its peak.
She said: “There’s every sign that we are past the peak. I don’t think it will be very long before we stop seeing those 6pc rates in the fixed-rate market.
“This is one of the first weeks that we’ve seen nobody raising rates. We’ve seen loads of people cut rates, and we haven’t seen people raise rates. It’s looking like the tide has turned.”
James Blower, of website Savings Guru, said it was likely to be the end of accounts paying more than 6pc.
He said: “We don’t expect savings rates to crash but fixed rates are likely to fall back gently from here and easy-access rates are unlikely to go much higher, even if the Bank Rate goes to 5.50pc on November 2.”
On five-year bonds, JN Bank is offering 5.8pc, while Cynergy and Tandem, via the Raisin savings platform, both pay 5.65pc.
A top rate of 5.97pc is available on three-year bonds, whereas savers can still achieve more than 6pc with the Union Bank of India on one and two-year bonds.
