Savings news in 2023
9 stories, newest first.
- December 2023
Personal deposits end 2023 lower than a year earlier for the first time on record
UK Finance's Household Finance Review for the fourth quarter of 2023 reports that personal deposits ended the year two per cent lower than a year earlier, the first such annual fall on record.
- August 2023
AJ Bell projects 2.7m savers to pay tax on savings interest in 2023-24
AJ Bell predicts 2.7 million savers will pay tax on savings interest in 2023-24, up from 1.8 million last year, as rising rates meet a frozen personal savings allowance.
- July 2023
FCA sets out 14-point action plan on cash savings
The Financial Conduct Authority has launched its Consumer Duty rules and set out a 14-point plan on cash savings to make banks and building societies pass on interest rate rises to savers.
Which? finds six of top 10 instant-access accounts restrict penalty-free withdrawals
Which? analysis of Moneyfacts data has found that six of the ten highest-paying instant-access savings accounts limit withdrawals or require a minimum balance before penalties apply.
- June 2023
Bank of England raises base rate to 5.00%
The Bank of England raised the base rate by 0.50 percentage points to 5.00% on 22 June 2023, taking it from 4.50% and continuing a run of increases that affects mortgages, savings and borrowing costs.
Market expectations for peak Bank Rate rise to nearly 6 per cent after stronger than expected inflation and pay data
Financial markets raised their expected peak for Bank Rate to nearly 6 per cent in mid-2024 after stronger than expected April inflation and pay data, the Resolution Foundation said.
- May 2023
Record net withdrawal from UK savings in May 2023
Bank of England data shows households withdrew £4.6bn more from savings accounts than they paid in during May 2023, the largest net withdrawal since monthly records began in October 1997.
- March 2023
Silicon Valley Bank and Credit Suisse collapse sparks FSCS review
The Bank of England is reviewing the deposit guarantee scheme after the March 2023 collapses of Silicon Valley Bank and Credit Suisse, including whether to raise the £85,000 protection limit.
- January 2023
Resolution Foundation publishes briefing note on government savings policies
The Resolution Foundation has published a briefing note assessing government support for household saving, recommending that Help to Save be extended beyond 2023 and that tax-free ISA savings be capped at £100,000.