Analysis of Google search data reveals that searches for ‘savings account’ exploded in the United Kingdom as of September 2022 – the highest level in internet history.
The end of September, sees price hikes coming into effect across various sectors as well as almost 1,000 mortgage deals being pulled from banks as a result of the mini-Budget issued by the government.
The analysis, by savings experts Investing Reviews, reveals that interest for ‘savings account’ exploded to ten times the average volume within the past month, an unprecedented increase in Brits looking to open up an account, according to Google search data analysis. The data also reveals that searches for ‘mortgage help’ have exploded 513% since the 25th of September.
A spokesperson from Investing Reviews, commented on the findings:
“The British public have been faced with a gradual rise in the cost of living since the pandemic, which has only amplified enormously in the last couple of months, with rising energy costs and mortgage deals falling through, leading to some British residents to look for more ways to save every penny.
Investing money and putting it into different types of accounts, can be a vital way to not only save your money and see profitable returns, however, it is strongly advised to research any savings accounts thoroughly before making any concrete decisions. It will be fascinating to see whether these searches translate into more savings accounts being opened.”