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Industrial Report: UK Deposit And Savings Accounts Bank Industry 2014

The prolonged period of low rates of return on savings products has been detrimental to savers. Consumers are now showing a tendency to grow their in-credit current account balances, which often offer more attractive rates and benefits, instead of moving money to their savings accounts.

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Table of Content

Introduction

Report scope and product definitions

Abbreviations

Executive Summary

The market

Steady growth trend is forecast to continue

Figure 1: Forecast of retail savings balances, fan chart at current prices, 2008-18

Retail deposits increased by nearly 4% in 2013

Figure 2: Total value of retail savings balances from households, 2008-13

Cash ISA subscriptions back on the rise

Market factors

Rates of return continue to act as a disincentive to save….

but gap between inflation and wage growth is narrowing

Companies, brands and innovation

Largest providers of savings accounts

Issues and Insights

Consumers are not driven entirely by interest rates anymore

The facts

The implications

Competitive current accounts challenge easy-access savings accounts

The facts

The implications

Move towards scrapping ‘teaser rates’ and rewarding customer loyalty

The facts

The implications

Trend Application

Savings providers can ‘nudge’ consumers into saving

Helping people feel protected

The next generation of savers

Regulation in the Savings Market

Key points

Budget 2014 reveals support for savers

Introduction of CASS has turned all eyes on current accounts

FCA to investigate savings market

Funding for Lending Scheme has harmed savers

Market Drivers

Key points

Low base rate and high inflation continue

Figure 13: Average annual changes in the RPI, CPI and Bank of England base rate, UK, 2005-13

Rates of return continue to suffer

Figure 14: Average monthly quoted branch-based deposit interest rates, January 2007-February 2014

Savings ratio slips in 2013

Figure 15: Gross household savings and savings ratio, seasonally adjusted and at current prices, UK, 2002-13

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Competitor Products

Key points

Cash ISA subscriptions back on the rise

Figure 19: Value of new ISA subscriptions, 2007/08-2012/13

Product innovation in the current account market renders struggle for saving accounts

Equity-based investments remain far behind in popularity

Figure 20: Ownership of savings and investments, by asset type, November 2013

Figure 21: Ownership of savings and investments, November 2013

Who’s Innovating?

Key points

Current account landscape reduces incentive to innovate

New savings accounts emerge from challenger banks

FirstSave launches three competitive fixed-rate online savings accounts

Aldermore lets business customers customise their terms

Providers look to simplify their savings product range

Technology assists with promoting savings

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Market Size and Forecast

Key points

Retail deposits increased by nearly 4% in 2013

Figure 22: Retail savings balances from households, by sector, 2004-13

Money flowing into sight accounts as savers look towards packaged current accounts

Figure 23: Volume and value of individual interest-bearing current and deposit accounts (MBBGs only), 2004-12

Five-year forecast of the value of retail deposits

Figure 24: Forecast of retail savings balances, fan chart at current prices, 2008-18

Figure 25: Forecast of total retail savings balances, 2008-18

Forecast methodology

Fan chart explanation

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