About This Study

An industry-level retrospective using publicly available aggregate data. Intended as a reference point for deposit modellers, ALM teams, and anyone calibrating NMD behavioural assumptions against what actually happened in the UK.

All conclusions are drawn from one rate hiking cycle in one jurisdiction. The 2022–24 UK experience may not be representative of future cycles, other rate environments, or other markets. All data is sourced from publicly available regulatory databases — something anyone can go and check for themselves.

Preview

UK Deposits Through the Cycle study cover — Neuro-XI retrospective analysis of UK deposit migration during the 2022-24 rate hiking cycle
Scope and limitations of the UK deposit study — one rate hiking cycle, one jurisdiction, publicly available aggregate data
Section 1 overview — what the UK deposit study examines across composition, switching, and rate pass-through
Four data sources used in the study — Bank of England IADB, CASS switching data, published bank reports, and BoE weighted average rates
UK deposit rate spreads chart showing migration incentives between current accounts, savings accounts, and fixed-term deposits during 2022-24
Section 2 overview — annual deposit snapshots tracking UK household and corporate deposit volumes
UK household deposits annual snapshot showing shift from sight deposits to term deposits during the 2022-24 hiking cycle
UK household deposit composition chart showing proportional breakdown of deposit types over the rate cycle

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What's Inside

1

Deposit Composition

Regulatory database data tracking how the stock of deposits shifted between non-maturity and term categories over the hiking cycle.

2

Switcher Statistics

Current account switching data showing how customers behaved between banks — a proxy for price sensitivity and deposit stickiness.

3

UK Customer Deposits by Bank

The evolution of reported deposit figures at year end and half year reporting across major UK institutions.

4

Rate Pass-Through

The betas — how quickly and aggressively banks repriced their deposit books in response to rate changes.