Albany, NY -- (SBWIRE) -- 11/16/2015 -- Interest rates on all savings accounts are at record lows in the UK and are failing to entice customers, despite improving economic conditions. Growth has been slow across all savings accounts, apart from ISAs, which have seen growth due to the upper limits being raised every year since 2010, not because of attractive interest rates.

Interest rates on all savings accounts are at record-lows in the UK and are failing to entice customers despite improving economic conditions. Growth has been slow across all savings accounts, apart from ISAs, which have seen growth due to the upper limits being raised every year since 2010, not because of attractive interest rates.

The central bank rate remaining so low has meant that banks have had access to extremely cheap funds and therefore have not needed to compete for savings accounts from consumers. This in turn has made borrowing from banks cheaper, meaning taking on debt for high-value purchases or moving house has been cheaper throughout the review period, so investing and paying off debt has been more appealing than stashing cash away in savings accounts

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Average pay, including bonuses, increased by 3.0% in May to July 2015, compared to the same period in the previous year, which marked the largest rise in six years. This, combined with record ow inflation – hasn't been above 0.1% since January 2015, and dropped back to -0.1% in September 2015 – means that real wages have grown substantially throughout 2015, something not seen since before the financial crash. Furthermore, UK unemployment fell to a seven-year low of 5.4% in the three months to August, with 79,000 more people in work than the previous quarter.

Despite more people being in work, and those in work seeing growth in real wages, people are saving a smaller percentage of their wage than at any time since 2008. People generally became very wary of debt in the immediate aftermath of the financial crash, which encouraged saving and saw the saving rate rise to 11.4%. A recent surge in consumer confidence though, has largely seen people lose that fear, as the rate plummeted to 4.6%, with people looking towards spending more – spending on hotels and restaurants was up 8% in 2015 up to October, for example – or paying off debt with higher interest rates than savings accounts can offer.

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REASONS TO BUY:-

Gain an understanding of the UK retail savings industry.
See monthly and annual statistics on every aspect of the market, both in written form and shown in graphs and tables.
Read analysis of the relevant market statistics, indicating what has been happening in the retail savings market, why it has been happening, and what to expect over the coming years.
Read about all the economic factors impacting the industry.
Read about how individual banks and building societies are affecting the market, in terms of market share and innovation.

KEY HIGHLIGHTS:-

The outstanding balance of total deposits held by households increased from GBP1.10 trillion at the end of 2010 to GBP1.28 trillion at the end of December 2014, an increase of 16.74% and a CAGR of 3.74%. The outstanding balance rose by a further 2.7% to GBP1.31 billion at the end of July 2015, since the start of the year.

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Savings Account Customer Analytics
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The market share of providers, value of savings, reasons for saving, type of savings account, recent savings behavior, and the penetration of offset and offshore accounts are all covered to provide essential context to the savings account market across 23 key countries, broken down by various demographic groups.

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What is the market share of providers?
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Key Highlights:-

Globally around 80% of all savings accounts are instant access. This highlights the strong consumer preference for quick and easy access to their money.
Across the countries studied, 20-40% of consumers have not saved anything recently. The most common reason for not saving is a long-term inability to do so.
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UK Savings: Forecasts and Future Opportunities
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Very low returns on balances and wages that are under pressure from inflation have combined to make it difficult for UK consumers to grow their savings in recent years. However, there are early indications that the factors that are adversely affecting savings will ease over the forecast period of 2013-17.

ReasonsToBuy:-

What are the factors that will affect the savings market in 2014 and beyond?
How will consumers' desire to increase their savings interact with a challenging economic climate?
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What are some of the best-practice examples of product design in the savings market?

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Key Highlights:-

Interest rates available on savings accounts are unlikely to change substantially throughout the majority of 2014. With the end of the FLS in January 2015 in sight, providers will begin to push up the returns on their savings products as competition to acquire deposits increases to replace the cheap line of credit provided by the state.
Consumers are saving a greater proportion of their disposable incomes than they did pre-2008. They are reacting to the prevailing conditions and will begin to save less and spend more as the economy improves and confidence returns. However, given the severity of the economic downturn,we expect the savings ratio to be between 5% and 7% until 2015.
Providers should simplify and be more transparent with their savings proposition. Verdict Financial research has found that simplicity and transparency are high on consumers' priority list in financial services. Transparency is vital to ensure that consumers feel fully informed, while offerings that are difficult to comprehend will put consumers off.

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