The balance of easy access accounts earning a rate of 0.1% or less has nearly tripled since January, with 56% of easy access balances now earning a low rate. According to CACI data analysed by Paragon Bank, balances earning less than 0.1% have steadily increased this year, growing from 19% in January to 34% in April and 40% in June. The most stark increase was between August and September where low-interest earning balances grew by 14 percentage points from 42% to 56%. Bank of England data shows that total household deposits now stand at £1.5 trillion and have grown by £106 billion between January and October 2020. According to CACI data1, which provides data from more than 30 saving providers, the savings market has grown twice as fast this year compared to 2019, with a 5.99% increase in total balances noted between January and September 2020, compared to 2.78% last year. Most of this increase can be attributed to non-ISA easy access accounts, which have seen their growth triple compared to last year. In 2020, instant access non-ISA stock grew by 10.3% between January and September, while it increased by only 3.6% during the same period last year. UK savers pumped an additional £53 billion into easy access savings between January and September of 2020. During the same period in 2019, there was an increase of only £17 billion. The total easy access balances earning a rate of 0.1% or less now stands at £313 billion, representing millions of pounds worth of lost interest. Derek Sprawling, Savings Director at Paragon Bank, said: “The value of easy access stock receiving a rate of 0.1% has now tipped over 50% for the first time this year, with a steep increase in September. “The timing aligns with a rate reduction announcement made by a government-backed provider. This caused significant market disruption, leading to deposits flooding out into the market at an unprecedented rate. “The data also suggests that many savers have given in to inertia. People are likely to be opening accounts linked to their current account for ease of access, but those often pay a lower than average rate of interest. “In today’s digital world, opening and servicing a non-linked savings account is often easier than people think. Moving money from the large high street banks has never been easier so we would encourage savers to look for the best deal for their money.”