People may be saving more due to Brexit, but not much.

The continued uncertainty over Brexit shows that people are taking some steps to try and mitigate the possible exit from the EU. According to the Bank of England, by August 2019 the amount of money deposited in easy access accounts swelled by 3.6 per cent over the 12 month period to £759.5billion, while the amount in fixed-rate accounts grew by £3billlion, a rise of 1.7 per cent. This works out as £27 billion, or £515 per person (based on the ONS population estimate of 52.4 million).

The majority of the cash saved went in easy access savings accounts with deposits into notice accounts and fixed rate accounts actually fell by 1.8% over the same period.

In the same period, the average fixed rate account only paid 0.05% more than easy access accounts. This lack of interest, plus the ongoing US-China trade war and continued Brexit uncertainty may also be a factor.

Full article here.