High street banks lost £100bn in customer savings to rivals since 2019 – report

It came as competitors – such as new challenger banks, specialist lenders and building societies – lured customers away by paying higher savings rates (PA) -

High street lenders have lost the equivalent of £100 billion in customer savings to online banks and building societies as they come under pressure to adapt amid a major shift in the sector, according to a report.

KPMG’s latest State of the Banks report found that traditional banking groups saw their market share in deposits drop sharply from 84% in 2019 to 80% in 2024.