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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-
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
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
Market Share
Key points
Lloyds Banking Group holds the top position based on overall retail savings balances
Figure 26: Providers’ total retail savings balances, shown on a group basis – UK, 2012-13
Halifax, Barclays and Nationwide are the market leaders in the retail savings account market
Figure 27: Ranking of the largest providers of savings accounts, by proportion of customers, January 2014
Companies and Products
Lloyds Banking Group
Company description
Ranking in the retail savings market
Savings product range
Distribution mix
Recent financial performance
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