Abstract
Overview
Introduction
This report specifically analyses the retail deposits and ISA market in the
following segments: ordinary savings accounts, regular savings accounts, Mini
cash ISAs, current accounts, and foreign currency accounts.
Scope
- Analysis of Ordinary savings accounts, Regular savings accounts, ISAs,
Current accounts with / without overdrafts and Foreign currency accounts
- Analysis of deposit account and ISA interest rates, product features,
market size and share and is based on an extensive analysis of Moneyfacts data
- Includes data up to January 2007 with comparisons to February 2006
Report Highlights
Consumers continue to be almost twice as likely to place their assets in
deposits as in the next most popular savings and investments product, direct
equities. The value of deposits at the end of 2006 stood at GBP834.4bn, from a
total savings and investments market value of GBP1,787.1bn in the UK.
The dominance of ordinary savings accounts in the UK deposits market has
continued its decline. At January 2007 this segment accounted for 59.2% of the
total deposits market, down from 62.6% in February 2006, and down from 66.1%
from February 2004. The popularity of ordinary savings accounts is slowly
dissipating into other segments of the market.
In a comparison between the distributors of Mini cash ISAs, it is clear that
in January 2007, banks were the leading providers of accounts without a notice
period. Building societies did offer a significantly higher proportion of
instant access accounts than banks did, 45% of their total offering as opposed
to just 27% of all banks' Mini cash ISAs.
Reasons to Purchase
- Develop a comprehensive understanding of product features and pricing
strategies in the retail deposit sector
- Benchmark your bank against its competitors in terms of product range and
market share
- Learn about potential corrective action measures and strategies to take
market share from your competitors
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