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Latest Intelligence on Savings Accounts

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Type Product title / description Pub Price
Expert View
Expert View

Growing savings by acting on impulse

Banks need to offer an impulse saving service to foster a savings habit among customers who find it difficult to put money aside. This will help to grow the deposit base as well as assuaging negative perceptions regarding the ability to save.

Published By Datamonitor
 10 Apr 2013
Expert View
Expert View

Split strategies in the savings market

Consumers with small savings balances prize ease of access whereas consumers with large balances focus on interest rate. This requires banks to segment and market their savings proposition in terms of either rate or ease of access.

Published By Datamonitor
 03 Apr 2013
Expert View
Expert View

Upfront rewards will attract more savers in today's climate

Santander's new savings product offers an iPad upfront rather than interest payments. This will appeal to consumers as it caters to their demand for instant gratification, and may prompt other providers to consider similar strategies.

Published By Datamonitor
 15 Nov 2012
Expert View
Expert View

Consumers only save when they have something to spare; "OrSaveIt" encourages "impulse saving"

Consumers in the UK are struggling to save regularly, with over a third only saving when they have something to spare. A new app called "OrSaveIt" has been designed to allow consumers to transfer money to their savings when they resist the urge to spend. The convenience of this app and its use of goals will appeal to consumers who find it difficult to save.

Published By Datamonitor
 21 Sep 2012
Expert View
Expert View

Halifax offers cash prizes to attract savers

Banks are under pressure to increase their capital ratios, but with little room to maneuver on interest rates, they have to come up with innovative means of attracting deposits. The Halifax Savers Prize Draw offers customers the chance to win prizes worth up to GBP100,000 every month, but consumers should be wary.

Published By Datamonitor
 28 Sep 2011
Expert View
Expert View

Lloyds branch disposal faces obstacles to a timely sale

Co-operative Bank and NBNK are the only bidders known to have submitted formal proposals for the branches and associated customer accounts that Lloyds is being forced to sell. Lloyds needs to sell quickly to pre-empt September's report from the Independent Commission on Banking, which may recommend a larger disposal to promote competition, while customer reaction may delay the sale further.

Published By Datamonitor
 21 Jul 2011
CommentWire
CommentWire

Commbank: looking to educate tomorrow's customers, today

The Commonwealth Bank of Australia has launched Coinland, a virtual online game designed to educate primary school children in money management and the consequences of spending. With new Datamonitor findings highlighting a lack of understanding and engagement between banks and consumers, this new initiative sees Commbank well poised to capitalize on this gap in the market.

Published By Datamonitor
 21 Apr 2010
CommentWire
CommentWire

Economic slowdown highlights the importance of savings culture

According to OECD data, the average household savings rate between 1992 and 2001 was 8.46%. This fell to 3.46% between 2002 and 2008, symptomatic of the high levels of consumer spending that characterized much of the decade. Although the global economic slowdown exacerbated the low level of household savings in 2008, for many consumers the crisis has highlighted the importance of saving.

Published By Datamonitor
 12 Apr 2010

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