Deposit and Savings Accounts - UK - June 2017
“Savers are having a grim time, with an ultra-low base rate and rising inflation making it near-impossible to achieve a real return. The introduction of funding schemes by the Bank of England has also reduced banks’ reliance on retail deposits, removing the pressure to aggressively compete. Many savers, therefore, are turning to alternative products, such as high interest current accounts and peer-to-peer lending, in pursuit of better yields.”
– Sarah Hitchcock, Senior Finance Analyst
This report examines the following:
- Older savers respond very differently to low interest rates than younger savers
- Beware of overlooking the importance of branches in the drive towards digital
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