The latest stress test analysis carried out by the Bank of England (BOE) reveals the core banking sector is now holding over three times the amount of capital ratio than before the global financial crisis.

Consumers, on the other hand, are less prepared than they were in 2008. The UK households’ saving ratio has almost halved since 2008, falling from 7% to 3.8%*, and very few are happy with their current financial situation – according to the Office for National Statistics (ONS).

Indeed, the latest analysis of these statistics by  could well instigate a wake-up call for those who have not put aside a decent sum of cash in case of emergencies. As our own data shows, thanks to intense competition between savings providers, there are some great easy access deals to choose from to start up a savings pot.

Best easy access savings deals

Best savings deals Mar 2009 Mar 2017 Mar 2018 Today
Highest easy access interest rate Egg – 3.35% Virgin Money – 1.01% Tesco Bank – 1.26% Virgin Money – 1.50%
Highest easy access ISA interest rate M&S Bank – 3.10% Paragon Bank – 1.05% Paragon Bank – 1.16% Coventry Building Society – 1.50%

Based on a deposit of £1. Deals available to new customers and may include a bonus.

Rachel Springall, Finance Expert at said “Savers who are debating on whether to set aside a reasonable sum of money to prepare themselves in case of a financial pitfall may well be bucking the savings trend, according to the falling households’ saving ratio revealed by the ONS.”

“In fact, it seems that major UK banks are much more prepared for economic uncertainties than that of many consumers. In its latest stress tests report seen this month, the BOE confirmed that the core banking system would be strong enough to withstand economic shocks, as capital ratios are more than three times higher than before the global financial crisis.

“While the banks may be prepared, it’s a different scenario for consumers, as UK households have fewer savings stashed away than they did in 2008, with the savings ratio falling from 7% down to just 3.8%. Interest rates may have dived over the same period, but the absence of any savings may be more attributed to the struggle to save, such as with those on a low income – which is where schemes such as Help to Save come in.”

.“Those who can start to put some cash aside will find decent easy access accounts available, such as the account from Virgin Money paying 1.50% and the best easy access ISA currently paying 1.50% from Coventry Building Society, which are 0.24% and 0.34% higher respectively than the best returns seen a year ago based on a £1 deposit.”

“It is unsettling that consumers are saving very little of their household income, as this could lead to financial difficulties later down the line if their situation drastically changes. It is clear to see that most people in the UK are unhappy with their present financial situation, with data from the ONS revealing that just 20% of consumers stated it was ‘very good.’“Clearly, those savers who have little to no savings may want to start thinking about putting some cash aside to weather any financial storm, or they might end up caught out because of their lack of a nest egg. Generally speaking, a savings pot equivalent to between three and six months’ worth of expenses is a wise sum to have to hand to cover the essentials, and an easy access account is an ideal vehicle to choose for flexibility.”