Many questions have been thrown up by the low interest rate environment but arguably the most important one for brokers is how clients can benefit from it.
Low interest rates, rising energy and household costs have made people more aware of their budgets and encouraged them to micro-manage their finances.
But many are still not making their savings pot work as hard as it should.
Data collated by the UK Savings & Deposit Council reveals 45% of individuals are not even sure of the interest rate on their primary savings account. Of the 55% saying they were aware only 29% knew what the exact figure was.
This is even more surprising as when asked which three features were critical in their choice of account, almost half pointed to the interest rate while 45% highlighted the return on their savings.
A further 33% said internet access to the account was critical.
We have just embarked on our Get Out There marketing campaign to raise consumer awareness regarding offset and how it can help savings work harder.
We’re hoping this will allow brokers to use it to enter into more informed conversations on offset.
Flexibility, choice and control are key words in consumers’ vocabulary when looking to make the most of their money.
Now is the perfect opportunity to communicate the potential benefits of offset to a hopefully more receptive audience.