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Investec has boosted the rate on its one-year cash Isa fix to 4.68 per cent as savings deals continue to nudge higher.

Savers are seeing increased competition across the board, with fixed-rates leading the charge.

The Investec deal leapfrogs Hodge Bank, Secure Trust Bank and Oaknorth, all of which are offering 4.67 per cent.

The Isa can be opened with a minimum of £1,000 online, however, it doesn't offer transfers in.

Savers currently have a £20,000 annual tax-free allowance for 2026/27, which will be cut to £12,000 for under 65s from April 2027.

Money with Investec is protected under the Financial Services Compensation Scheme to the tune of £120,000.

Exclusive data from Investec Save for This is Money shows over the past three months, average rates on top-paying savings accounts have risen by more than half a percentage point.

The biggest increases have been seen in two-year fixes, with the average interest rate paid by the top 60 accounts rising 0.51 per cent to 4.53 per cent.

Nearly three out of four two-year accounts have increased rates, according to Investec analysis.

Across the top 60 one-year bonds, the average has increased by 0.49 per cent to an average 4.57 per cent with more than nine out of 10 accounts boosting rates.

Investec Save also shows three-year bonds have risen 0.49 per cent while the top one-year fixed-rate cash Isas are up 0.47 per cent.

David Hunt, head of savings at Investec, said: 'The speed at which rates are rising highlights the competition among providers and gives savers a much wider range of options on where to deposit their money and in which type of accounts.

'People need a range of accounts whether it's fixed rates or instant access depending on what they need the money for.'

For a one-year fix, the best rate comes from MBNA with a 4.85 per cent rate.

The best two-year fix also offers 4.85 per cent, which comes from Recognise Bank.

The top rate overall comes from Oxbury Bank which has a 4.88 per cent rate – but that requires locking away money until 2031.

On the cash Isa front, the very best one-year rate now comes from Investec at 4.68 per cent – but as previously mentioned, this doesn't accept transfers in.

The top two year fix from Secure Trust Bank offers 4.73 per cent – and no other fix beats this, including the best five-year rates.