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Find all the latest press releases from Paragon Bank.
Savings deposits held by CACI members topped have for the first time topped £1 trillion following a £6 billion month-on-month rise, new analysis by Paragon Bank has found. The analysis of the latest CACI data found that the £1.003 trillion of deposits comprised £262.6 billion held in ISAs and £740.6 billion held in non-ISA accounts.
The newly released data, covering September 2022, sees overall savings deposits recording a £17 billion increase from January – and a £25 billion increase from September 2021. Non-ISA instant access accounts offering 0.5% interest or less (82% of all open accounts) totalled over £428 billion, including £142 billion held in accounts offering 0.25% or less (29% of all open accounts).
Over one-third (36%) of non-ISA instant access savings accounts held less than £100, with over half (55%) holding less than £1000 - with 21% holding over £10,000.
The data, which compiles the savings deposits of 34 leading providers of adult cash savings as at September 2022, and was recorded before the Bank of England increased the base rate to 3% and confirmation by the Chancellor of the Exchequer, Jeremy Hunt, that the UK economy was in recession.
Commenting on the analysis Derek Spawling, Paragon’s Savings Director, said: “Savers are facing an uncertain time. Tax rises, high-inflation, and predictions of a sustained economic recession have seen them cutting back their spending to concentrate on saving. “While the new analysis shows that people are making these hard decisions to help build up their savings pots, it also uncovered how substantial sums continue to be held in accounts offering low returns.”
He continued: “I urge savers to take the same approach to finding the best financial products and rates for their savings as they are taking on reducing their spending. By investing time in finding the best deals they can help to maximise the value of their savings and returns they could be receiving.”
For further information contact:
Tom Frew Media Relations Manager Paragon E: [email protected] www.paragonbank.co.uk
Notes to editors:
Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.
CACI produce an analysis of deposit stock from the main deposit banks providing data from more than 30 providers, based on individual adult cash savings. It allows us to focus on savings accounts, by combining all account types and both ISAs and non-ISAs. Unless stated otherwise, all data in this release is sourced from: CACI’s Current Account & Savings Database, as of end of September 2022.
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551