2024
9
UK Deposit and Savings Accounts Market Report 2024
2024-04-23T13:04:52+01:00
REPA090501C_6FF4_479A_A36B_4074F396D63A
2195
172557
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Report
en_GB
After years of next-to-nothing rates, consumers are finally being rewarded for cash, with rising interest boosting interest in saving. Charlie Landsborough, Financial Services Analyst…

UK Deposit and Savings Accounts Market Report 2024

£ 2,195 (Excl.Tax)

Report Summary

Now more than ever, it is vitally important that financial services providers are ahead of the curve when it comes to consumer expectations and behaviour. Mintel’s UK deposits and savings account market report provides you with the information and intelligence to stay across the latest consumer trends, alongside the market statistics that really matter. Read on to discover more about our report.

Key Issues Covered in this Report

  • The value of household savings deposits and forecast for the next five years.
  • The impact of inflation on the savings market.
  • The proportion of adults who have savings and how much they have saved.
  • Savings account ownership and provider rankings.
  • Future saving expectations over the next 12 months.
  • Attitudes towards saving, including the impact of rising interest rates.
  • Brand research on selected deposit and savings providers.

 

UK Savings Market – Current Landscape

Households continue to grapple with heightened household bills and expenses. While inflation has fallen, many continue to face increases in gas and electricity prices and now higher interest rates. Consumers will remain concerned about financial instability in 2024 and will retain a focus on savings.

Leading providers continue to dominate the deposit and savings market but interest in digital challengers is high among younger generations. Digital providers are leveraging their technological edge to attract younger audiences, who have a strong interest in digital savings tools.

Higher interest rates are motivating consumers to save. While the market has started to taper, rates remain elevated. It will be another robust year for the savings market, with opportunities to attract new customers being driven by an urgency to lock in rates before they drop further.

Purchase the full report for a complete overview of the UK deposit and savings market, including savings market trends, market dynamics and consumer insights. Readers of this report may also be interested in browsing Mintel’s extensive financial services market research.

Expert Analysis from a Financial Services Specialist

This report, written by Charlie Landsborough, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends in the UK deposit and savings market and add expert context to the numbers.

After years of next-to-nothing rates, consumers are finally being rewarded for cash, with rising interest boosting interest in saving.

Charlie-Landsborough-Analyst

 

Charlie Landsborough
Financial Services Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities for the deposit and savings market
    • Market dynamics and outlook
    • What consumers want and why
    • Graph 1: total value of cash savings, 2023
    • Graph 2: ownership of cash savings products, 2023
    • Graph 3: providers used for savings accounts, 2023
    • Graph 4: savings intentions in the next 12 months, 2023
    • Graph 5: savings priorities in the next 12 months, 2023
    • Graph 6: attitudes towards saving, 2023
    • Innovation and marketing
    • Graph 7: total above-the-line, online display and direct mail advertising expenditure on deposits and savings accounts, 2019-23
  2. Market Dynamics

    • Market size
    • Graph 8: market size for the savings market, 2017-23
    • Market forecast
    • Graph 9: household deposit balances, 2006-11
    • Market segmentation
    • Graph 10: household deposit balances, by product type, 2021-23
    • Graph 11: household deposit balances, by product share, 2021-23
    • Graph 12: savings product ownership, by value of cash savings, 2023
    • Graph 13: average monthly quoted household interest rates on ISAs, 2022-24
    • Market share
    • Macroeconomic factors
    • Graph 14: CPI inflation rate, 2021-24
    • Graph 15: household savings ratio, 2019-23
    • Graph 16: unemployment rate (aged 16 and over, seasonally adjusted), 2019-23
    • Graph 17: the financial wellbeing index, 2016-24
    • Graph 18: the financial confidence index, 2016-24
    • Regulatory and legislative changes
  3. What Consumers Want and Why

    • Value of cash savings
    • Graph 19: total value of cash savings, 2023
    • Graph 20: value of cash savings, by current financial situation, 2023
    • Graph 21: total value of cash savings compared to a year ago, 2023
    • Graph 22: reported actual and planned savings activity, 2023
    • Ownership of cash savings products
    • Graph 23: ownership of cash savings products, 2023
    • Graph 24: ownership of savings products, by total value of cash savings, 2023
    • Savings providers used
    • Graph 25: providers used for savings accounts, 2023
    • Graph 26: ownership of digital/app-based providers, by generation, 2023
    • Graph 27: interest in opening an account with a digital/app-based bank/saving provider, by age, 2023
    • Savings expectations
    • Graph 28: savings intentions in the next 12 months, 2023
    • Graph 29: savers who say they are likely to increase their savings in the next 12 months, by household income, 2023
    • Graph 30: savings priorities in the next 12 months, 2023
    • Graph 31: savers who say they are likely to decrease their savings in the next 12 months, by financial situation, 2023
    • Graph 32: reasons for decreasing overall savings within the next 12 months, 2023
    • Attitudes towards saving
    • Graph 33: attitudes towards saving, 2023
    • Graph 34: increased interest in cash savings as a result of cost of living, by generation, 2023
    • Graph 35: expectations of exceeding personal savings allowance, by total value of cash savings, 2023
  4. Innovation And Marketing Trends

    • Competitive strategies and launch activity
    • Advertising and marketing activity
    • Graph 36: total above-the-line, online display and direct mail advertising expenditure on deposits and savings accounts, 2019-23
    • Graph 37: above-the-line, online display and direct mail advertising expenditure on savings products, by type of product, 2021-23
  5. Brand Research

    • Graph 38: brand awareness for Coventry Building Society, by region, 2024
    • Graph 39: brand differentiation, by brand, 2024
  6. Appendix

    • Market forecast data and methodology
    • Report scope and definitions
    • Methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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