"Uncertainty is driving defensive saving but choice of provider is about more than just rates. Products that balance transparency and flexibility with returns will appeal."
Thomas Slide, Category Director
Household deposits in the UK reached £2.19 trillion in early 2026, growing 4.3% even as inflation persists above the Bank of England target. Global uncertainty and the potential for increasing inflation caused by rising fuel prices means 26% of savers expect to increase emergency savings pots, including 25% of those who already have cash savings above £20k.
Prolonged above-target inflation continues to erode real returns on savings, fuelling a flight to safety through guaranteed and instant-access options. This environment amplifies pressure on providers to compete not only on headline rates and incentives, but also to deliver reassurance, access and clarity amid consumer uncertainty.
Rates are a core focus for consumers, and even more so when uncertainty is high and inflation likely to increase later in the year. However, there are opportunities to appeal beyond rates alone, accessibility, flexibility and transparency all play an important role in deciding where to keep cash savings in uncertain times. There is also an ongoing opportunity around ethical saving, but many who want to engage in more ethical choices still find it difficult to know whether an account is ethical or not.
For the purposes of this Report, Mintel has used the following definitions:
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