List of Figures
Figure 1: Cash ISAs are forecast to grow faster than non-ISA deposits over the forecast period 8
Figure 2: For the last 18 months, consumers have made neutral or positive deposits in cash ISAs 9
Figure 3: As both ISA and non-ISA APRs fall, the gap between them widens 10
Figure 4: Cash ISA and non-ISA deposit growth is set to slow over the forecast period 11
Figure 5: Market expectations have varied significantly due to the perceived likelihood of a no-deal Brexit 12
Figure 6: Rates on easy access and fixed-rate bonds have fallen since January 2019 13
Figure 7: Rising real wages and weak growth will lead consumers to save more 14
Figure 8: Low inflation, rising wages, and heightened uncertainty have assisted consumers’ ability to save 15
Figure 9: Skipton Building Society holds the lion’s share of LISA accounts 16
Figure 10: Several P2P lenders have ceased operations in the last few years after their business model failed 18
Figure 11: Lloyds remains dominant, but it has lost 4.4pp market share over the review period 21
Figure 12: Al Rayan Bank offers the best rate for one-year fixed-rate bonds 24
Figure 13: Most incumbent banks have closed hundreds of branches since 2015 26
Figure 14: The majority of customers use digital channels to manage their savings 27
Figure 15: First Direct and Nationwide lead in terms of consumer sentiment 29
Figure 16: Customers exclusively choosing a bank for saving is a useful proxy for a good savings provider 30
Figure 17: Money saving tools are the most popular of the savings features, but still lack support 31
Figure 18: Online banking remains the dominant method for managing a savings account 32
Figure 19: Supply and demand side propositions from the FCA 33
Figure 20: Potential savings account switchers are the same demographic as potential current account switchers 35
Figure 21: The Cleo chatbot has been designed to be witty, informative, and appealing to 20-30 year olds 38
Figure 22: Consumer reviews said they were put off by the constant memes and notifications from Chip 40
Figure 23: Consumers investing in cash have faced a decade of almost constant negative real returns 42


List of Tables