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Savings deposit growth shows signs of slowing.
Over £300 billion worth of savings is still sitting in accounts offering a rate of 0.1% or less, according to research released by Paragon Bank and CACI, a data company, on Wednesday.
“It is concerning to see that over £300 billion continues to rest in accounts offering only 0.1% or less, especially at a time when savers could be doing more to potentially protect their savings from the rise in inflation,” said Derek Sprawling, Savings Director at Paragon Bank.
However, since January, when the Bank of England’s (BoE) base rate stood at 0.25%, the overall deposits held in accounts offering 0.1% or over increased by 64% to nearly £317 billion.
While this figure may have increased, the overall growth in savings has been sluggish. CACI figures for 2022 had shown monthly rises of between £2 billion and £4.5 billion between January and April. From April to May savings deposits increased by only £7 million.
“With inflation starting to eat into people’s pay packets and pensions, it is unsurprising that savings growth has slowed – but it will take longer to see if this is the start of a long-term trend,” said Sprawling.
According to research from Britain’s oldest independent economic research institute, the National Institute of Economic and Social Research (NIESR), the number of households without savings pots will double by 2024.
“All households are facing soaring energy and food bills but too many have to resort to credit, build up payment arrears or see their savings wiped out,” said Professor Adrian Pabst, of NIESR.
If realised, it will mean one in five UK households will be without a savings pot.
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The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year ISA paying 5.26% AER, and a five-year fixed rate mortgage at 4.49%.
Each week the Moneyfactscompare.co.uk content team round up the very best savings rates available in the UK. Compare and apply today.
Metro Bank and Ulster Bank continue to offer some of the highest easy access rates this week, but there are new entries across the sectors.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Changes at the top of the charts for fixed and notice accounts, with best easy access rates staying the same.
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