Laith Khalaf: Cash culture is king

£220bn sat in instant access accounts

clock • 3 min read

As people stash away more and more cash as the pandemic continues, writes Laith Khalaf, the need to educate savers on the benefits of investing grows. But where to start?

The Covid cash pile is still growing, and it's not paying much in the way of interest. As people have found themselves cooped up at home, with few ways to spend money beyond buying another piece of home gym equipment on Amazon, their bank accounts have swelled. Some £120bn was saved into bank and building society accounts between March and November 2020, up from £42bn in 2019. A new lockdown means even more money building up in bank accounts. At the same time, the average current account is paying just 0.13% interest, and there's £220bn sat in instant access accounts which pay no interes...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

NextWealth MD Hopkins on staying ahead of advice sector changes, data challenges and flattening MPS fees

NextWealth MD Hopkins on staying ahead of advice sector changes, data challenges and flattening MPS fees

Making technology work better

Katrina Lloyd
clock 03 July 2025 • 9 min read
IFAs look to boost clients' private markets exposure

IFAs look to boost clients' private markets exposure

Expect increase in stock market volatility

Jen Frost
clock 02 July 2025 • 2 min read
Winds of change: Private markets access for retail investors

Winds of change: Private markets access for retail investors

Investing in LTAFs, accessibility aside, needs careful consideration

Dorian Hughes
clock 02 July 2025 • 5 min read