- Domestic economy is under pressure but the market is cheap-Hargreaves Lansdown
- FCA sets out credit information market improvements
- Recent advancements in generative AI can save the banking industry $27bn annually-Lucinity
- Moneyfacts Year in Review 2023 Savings
- Auriga announces new enhancements to its ATM zero trust cybersecurity solution
- SMS Authentication Traffic to reach 1.4tr messages Globally by 2025, despite rising competition from alternative technologies
- Business confidence rises to highest level since early 2022-Lloyds expired
- Bank branch networks shrink-Hargreaves Lansdown: expired
- UK Government minister set to “simplify accountability for regulators” expired
- 2023: Sustainability disclosure and labelling regime confirmed by the FCA expired
- Small businesses struggling to spot scams-UK Finance expired
- Personal investment firms that give bad advice to hold capital for redress-FCA expired
29th September 2023
Demand for fixed savings rates soars-NatWest
The number of customers opening Fixed Term savings accounts has rocketed. As many as 17 times more accounts are being opened compared to in the first half of 2019 according to data released by NatWest. The number of accounts opened in the first half of 2019 was 4,700 which has dramatically increased to over 82,000 in the first half of this year.
NatWest increased interest on a one year fixed term account to 5.56% AER. For higher balances over £100,000 this increases to 5.60% AER. The bank also offers a Digital Regular Saver that pays 6.17% AER on balances up to £5000.
The average age of customers opening fixed rate savings accounts is decreasing. As more younger customers take advantage of better savings rates, the average age has dropped from 60 in 2020 to 57 in 2023.
Scotland is one of the top areas in the UK for account openings along with London and the South East of England. However, the highest rate of growth for account opens is being seen in Wales and the North East of England with the volume of accounts being opened in those areas 30 times higher than it was three years ago. In the first half of 2019, 146 accounts were opened in Wales which increased to 3195 in the first half of this year.
Lewis Broadie, NatWest savings expert said:
“Customers are taking advantage of our increased rates and saving more than ever in our Fixed Term accounts.”
NatWest Trends(302 articles)