UK savings hit record £1.5 trillion as people stay home

News Team, 20/01/2021

The amount in UK personal bank accounts hit £1.5 trillion for the first time on 31 December, as household outgoings decreased as people stayed in.

Based on Bank of England data, this includes current accounts, savings accounts and cash ISAs at UK banks and is thought to be due to the lockdown triggering a boom in savings.

Money saved through reduced spending on holidays, commuting and dining out has allowed UK savers to add £98 billion to their bank accounts and cash ...

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