KPMG says higher savings rates are fuelling move to challenger banks, specialist lenders and building societies
High street banks across the UK have lost the equivalent of £100bn in savings as more customers turned from traditional lenders towards online banks and building societies, figures show.
Experts at KPMG said rival banks – including new challenger banks, specialist lenders and building societies – had lured customers away from incumbent banking groups with higher savings rates. The traditional banks’ market share in deposits dropped from 84% in 2019 to 80% in 2024, it added.
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