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UK Savings 2016: Forecasts and Future Opportunities

UK Savings 2016: Forecasts and Future Opportunities

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Executive Summary

Low returns on balances and wages that are under pressure from inflation have made it difficult for UK consumers to grow their savings in recent years. At the same time, a recovery in consumer confidence has prompted a declining propensity to save. Retail deposits are predicted to rise at a CAGR of 4%, to reach 1,484bn by 2019, compared to 8% during 2000-07. Banks will have to use new strategies if they want to significantly grow this source of funding.

Key Findings

Personal deposits are expected to make a sluggish recovery as the economic outlook remains fragile. The rate advantages offered by fixed-term accounts are steadily falling, making long-term saving less attractive to consumers. However, despite the headwinds providers are helping consumers to save as they look to build a buffer against an uncertain financial future.

The entry of new challenger banks has induced competition in the savings market. Mobile is increasingly becoming a key channel for retail financial services, either via apps or new secure mobile-optimized sites. Providers must concentrate their efforts to develop mobile-channel capabilities to attract savers' cash.

Banks should take steps to build rewards based on consumers' motivations. By giving customers the ability to set goal-based savings targets, banks will be able to better engage with them. For example, in cases where customers have stated that they are saving for a holiday, providers should offer deals on travel insurance and foreign exchange as they close in on their goal.


Understand the developments shaping the UK retail savings market.Inform your future plans with our five-year forecast for retail deposits.

Discover how market forces will influence customers' ability and willingness to save.

Discover what impact new products, innovations, and strategies will have on the savings market.

Discover strategies in both product and service areas to improve your savings proposition.

Learn how to respond to consumers' attitudes towards saving and personal finance.

Reasons To Buy

What are the factors that will affect the savings market in 2016 and beyond?

Which strategies will be most effective in attracting new retail deposits?

Which new savings innovations are being introduced to the market?

How much of an impact will regulatory developments have on the operation of the UK savings market?

How will consumers' desire to increase their savings interact with a challenging economic climate?

How will the latest consumer behavioral trends affect the products demanded in the retail savings market?

How can financial services providers acquire new deposit customers?


The retail savings market continues to grow slowly

Critical success factors


Deposit accounts are expected to remain the UK's preferred asset class for saving

Increasing consumer confidence levels are reducing consumers' need to save

Declining wage growth and a stagnant unemployment rate will restrict savings growth

Diminishing interest rate differentials between instant-access and fixed-term accounts are acting as a disincentive

New regulations are aiming to change the UK savings landscape

The Personal Savings Allowance will boost the savings market

The FCA has announced new rules to encourage competition and give customers a better deal


Lloyds Banking Group retains its dominance in the UK retail savings market

Challenger banks are competing on price

Providers are harnessing mobile capabilities to attract savers

Santander's ISA app helps consumers be more proactive about saving

Dyme aims to encourage millennials to save more

Moven uses gamification to incentivize saving

Lloyds Bank's Swave app encourages consumers to save little and often

Personal financial management apps can help drive savings behavior

HSBC's Nudge app helps users save money and be more aware of their spending habits


Consumers prefer instant access over fixed-term accounts

Familiarity and convenience are drivers of provider choice

Harness consumers' personal goals to encourage saving


Abbreviations and acronyms


Savings ratio


Verdict Financial's 2015 Retail Banking Insight Survey


Further reading

About Verdict Financial


Figure 1: Retail deposits account for half of retail savings and investments in the UK

Figure 2: Retail deposits will experience sluggish growth up to 2019

Figure 3: Growing consumer confidence has reduced consumers' desire to save

Figure 4: With no significant pick-up in earnings, consumers' capacity to save is expected to reduce

Figure 5: Interest rates on savings accounts continue to fall

Figure 6: The new personal savings allowance will positively impact the UK savings market

Figure 7: Savers have suffered in recent years with a continual rate reduction on cash ISAs

Figure 8: The lowest interest rates offered by 32 providers of easy-access cash savings accounts

Figure 9: Lloyds Banking Group holds a quarter of all retail deposit balances in the UK

Figure 10: Challenger banks offer the best easy-access deals

Figure 11: RCI Bank's Freedom and Fixed term accounts offer top rates in the savings market

Figure 12: Dyme is the easiest way to start a savings habit using text messaging

Figure 13: Moven users can track their spending and saving in realtime

Figure 14: Lloyds Bank's Swave app monitors spending and encourages users to save

Figure 15: The HSBC Nudge app prods customers to spend less and save more

Figure 16: Nationwide rewards loyal savers with a higher interest rate

Figure 17: Savers regard instant access to be more essential in a savings account

Figure 18: Consumers are shifting from fixed-term to instant-access deposits

Figure 19: Existing relationship and rates offered influence consumers' decision when taking out a savings account

Figure 20: Banks can offer products tailored to consumers' needs by linking savings to their goals

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Savings account, ISA, Personal savings allowance, Online, Mobile, Branch, New entrant, Challenger banks, Gross advances, Outstanding balances, Banking, United Kingdom

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