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
Financial Services Analyst
Collapse All
-
- Key issues covered in this Report
-
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
-
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
-
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
-
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
-
Brand Research
- Graph 38: brand awareness for Coventry Building Society, by region, 2024
- Graph 39: brand differentiation, by brand, 2024
-
Appendix
- Market forecast data and methodology
- Report scope and definitions
- Methodology
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
- Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
For a closer look at a Mintel Market Intelligence Report, take a look at the sample PDF report below:
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 2,195 (Excl.Tax)
-
Download today with instant access
Pay via credit card or purchase order
-
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
-
Interactive databook included
Focus on the data that matters most to you with a customisable databook avaliable on our platform
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn moreTrusted by global industry leaders
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
Pauline Robson, Managing Partner, Mediacom
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
Jeff White, Business Development Director, Deutsch
When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.
They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.
So overall, it’s the level of detail and the quality of forecasting that really stand out for me.
Rebecca Green, Market Insight Manager, Wincanton
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
