Analysis of Google search data reveals that searches for ‘savings account’ exploded 301% above the average in October 2022 – reaching the highest level over the past five years.
The analysis of Google trends data, by insurance experts A-Plan Insurance reveals that searches for ‘savings account’ are at a five-year high, as the cost of living crisis continues, and interest rates hit their highest levels in more than a decade.
In addition, searches for ‘lifetime isa’ have exploded to their highest peak over the past 90 days this week after money-saving expert Martin Lewis gave advice on his live TV show on the best accounts for first-time buyers, including the Lifetime ISA which has been available since April 2017.
It is currently extremely difficult to get onto the property ladder, but the spike in interest for a LISA is likely due to the government bonus they provide. A maximum of £4,000 can be put into the account every year, and on top of whatever money is put in, the government will add a bonus of 25%.
James Haynes, Branch Manager at A-Plan Insurance, commented on the findings: “As insurance brokers, we are always trying to help people protect themselves against the risks inherent in everyday life. A savings account does exactly that by providing a buffer for those ever finding themselves in financial difficulty. Having and using a savings account can allow for that peace of mind of a little extra money stowed away in times of emergency.
“With inflation, higher interest rates, higher energy bills, and rising property prices, getting onto the property ladder is harder than ever. Perhaps these huge spikes in searches can be explained by people wanting to give themselves the best chance of buying a property in the future.
“Different savings accounts provide various interest rates and it is important to do your research on the ones that provide the best return. The phrase ‘Best savings account’ has also seen a five-year high in Google searches, demonstrating the understanding that some accounts provide better interest rates and research needs to be done on the best one for your money.”