Throughout the pandemic the savings rate has soared with £225bn sitting in non-interest bearing deposits.
Insurance giant Aviva, which has 15 million customers in the UK, has launched a new cash savings platform Aviva Save with savings fintech Raisin to offer fixed-term savings accounts.
The new online marketplace gives customers a choice of different savings accounts from a variety of banks. Notice and easy access accounts will be added to Aviva Save throughout 2021.
A record £125bn was added to saving reserves during the lockdown, making an average £5,000 per household but interest rates remain at historically low levels.
Katharina Lueth (pictured), VP of Europe for Raisin and Chairwoman of Raisin UK, said: “The launch of Aviva Save with Raisin represents a significant step in the future of deposits and the fintech industry. In December, flows into deposit accounts within the UK savings market rose to £20.9bn, an increase from an already high £18.4bn in November.”
“As a result, the Bank of England estimates that there is almost £1.6tr in household cash deposits - with a worrying £225bn sitting in non-interest bearing deposits. Partnerships like this demonstrate the increased importance of finding new ways to provide customers easy ways to access higher interest rates and optimise their savings.”