Why Brits Are Skipping the High Street for Digital Savings
It turns out that the UK’s savvy savers are letting their wallets click their way right into the world of online‑only banks. According to fresh research by SmartSave, the modern consumer prefers a digital nest egg to the snooty brick‑and‑mortar branch.
Survey Snapshot
- Only 34% of the 2,000 adults surveyed opened a new savings account in the last two years.
- Of those who switched, 55% abandoned the high street entirely, choosing a bank that lives only on the internet.
- At least 69% moved to get better interest rates; 55% complained that their old bank stopped passing those higher rates on to them.
- More than 70% found their new deal by hunting “best buy” tables online, while 62% relied on comparison sites or digital savings platforms.
- Only 23% found opening a new account to be a hassle.
The Verdict from the Chief Greedy Saver
Andy Mielczarek, the mastermind behind SmartSave, summed it up like a bank‑owning detective:
“People are choosing digital banks not because the offers smell sweeter, but because they crave the freedom to hop between accounts. A lot of big banks missed the mark by not matching up a single cent with the base‑rate hike, and that’s why the high street looks a bit like a dead‑end bar in a cyberpunk movie.”
“With the inflation roller‑coaster still in full flight, consumers are feeling the pull of every single pound. They’re now a lot more willing to proactively check the rates they’re chewing while they’re already chewing.”
Takeaway
- Don’t trust a bank that won’t pass on the good news.
- Check the rates regularly—your savings could be slipping through the cracks if you stay put.
- Online banks are not just a trend; they’re the modern way to lock in higher returns without the facial contact.
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