The total value of bank and building society deposits reached £641 billion in 2000.
What are consumers' attitudes towards deposits and saving accounts?
Will increased competition from new providers and new distribution channels drive the future marketplace?
Deposit and savings accounts may once have comprised a stable component of bank and building society product offerings, but this is now changing dramatically. The entry into the market of a wide range of new providers has seen aggressive marketing activity, offering new channels of distribution and fiercely competitive terms. How far is customer loyalty being maintained, in the face of new competition? How knowledgable are consumers, and what motivates them? How does the market for deposit and savings accounts fit in with financial services in general?
Mintel has reported on savings and deposit accounts (SDAs), on several previous occasions. This latest report includes findings from some specially commissioned consumer research, exploring consumer attitudes and behaviour. Insights from a series of 'off the record' trade interviews among a range of leading providers are offered. Case studies have also been compiled, to highlight some of the key market developments, drawing upon published sources and interviews with leading providers. During the preparation of this report the annual reports and accounts for more than a dozen banks, mortgage banks and building societies have also been analysed. Relatively little information is available from such sources, but key details include the value of accounts, plus some insights into marketing activity.
Other reports of relevance:
ISAs, Finance Intelligence, May 2001
Interactive Investing, Finance Intelligence, April 2001
Current Accounts, Loans & Overdraft, Finance Intelligence, January 2001.
