Savers are being urged to grab deals with high rates before they disappear as market chaos cools.
Experts warned that the top rates on savings bonds could be peaking, with many of the most attractive deals pulled from the market after they became oversubscribed.
Returns on fixed bonds soared after the mini-Budget, reflecting a jump in yields on government bonds known as gilts.
But since Liz Truss’s resignation as prime minister and Chancellor Jeremy Hunt’s reversal of her tax cuts, gilt yields have fallen, and are now lower in comparison to what they were earlier in the month.
This could reduce savings rates offered by banks, said Kay Neufeld, of the Centre for Business and Economics Research think tank.
“If the interest rates on gilts fall, the margin for banks gets smaller and they also then eventually have to reduce the interest rates that they offer on bonds,” he said.
The top rates on some bonds have already declined after banks pulled those with the best rates because they became oversubscribed.
In the days following the mini-Budget, disappearing deals were quickly being replaced by new ones at even higher rates. But there are now signs that this is starting to slow down as market chaos cools.
The highest rate for a one-year bond was 4.75pc on Tuesday, but dropped to 4.6pc on Friday, according to Defaqto, an analyst.
The 4.75pc bond was only available to savers for two hours before becoming oversubscribed. A second one that launched at the same rate later in the day disappeared in a matter of hours, according to Savings Champion, another analyst.
The top two-year bond was 4.77pc on Friday, down from 5pc on Wednesday, Defaqto said.
Anna Bowes, of Savings Champion, said: “We could see rates peaking. These really good deals have come and gone quickly, and now we have seen that there have been some that are no longer as high as they were earlier in the week.
“If you see a fixed-rate bond and you’re happy with the return, it’s going to give you, you probably want to get on it.”
Katie Brain, of Defaqto, said that if savers spot a bond offering a high rate, they “may want to act quickly, as it may not be around for long”.
