Deposit and Savings Accounts - UK - May 2019
Covered in this report
The focus of this report is retail deposit and savings accounts for the adult market. Cash ISAs and current accounts are the subjects of separate Mintel reports, although these products are covered in this report to some extent, due to their close association. Children’s savings accounts are not covered in this report, and are the subject of a separate report.
There are various types of deposit and savings accounts available to UK adults. The main ones are as follows:
- Easy access (or instant access) savings account– the most widely available and commonly held type of account, which does not impose any restrictions on making withdrawals and provides either a variable interest rate or a fixed/guaranteed interest rate for an introductory period
- Notice account– this is where the account holder must give a certain number of days’ notice before making a withdrawal so as not to lose any interest
- Fixed-term/fixed-rate savings account or bond– offers a fixed rate for a fixed term, usually between one and five years
- Regular savings account – where the account holder is required to make regular monthly payments (usually ranging from £25 to £250 or £500 a month) in return for a higher interest rate
- Cash ISA (individual savings account) – similar to ordinary savings accounts, in that there are different varieties (eg instant access, fixed term), but all interest earned is paid tax free. In 2018/19, individuals aged 16+ can invest or save up to £20,000 in an ISA
- National Savings & Investments (NS&I)– provides a range of tax-free cash savings products, backed by HM Treasury, the most popular of which are Premium Bonds
“Consumers remain reluctant to look beyond easy access accounts. They need more help to identify their savings goals and understand how they can make the most of higher paying limited access accounts. Online tools and open banking technology have the potential to give people new perspective when managing their savings.”
– Douglas Kitchen, Financial Services Analyst
This Report looks at the following areas:
- Improving brand profile and gaining consumer trust is vital for savings superstores
- High street brands must adapt in order to attract younger savers
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