Savers in the UK are prioritising short-term flexibility over locking their money away for the long-term, research from digital bank Chase has indicated.

The Chase study found that instant access to money without charges or fees is now the most important aspect for UK adults when choosing a new savings option.

More than half (53%) of those surveyed said this is top of mind when looking for a savings account, while four in five (80%) said that having flexibility made them feel more confident about their financial situation.

The research, based on a study of 2,019 UK consumers, indicated that savers also said that easy and flexible access to their savings is a key driver when choosing their savings accounts. Chase found that three in 10 (30%) said they now access their savings more often than they did 12 months ago. Another 45% of savers reported that they were unlikely to consider opening a saver account that did not offer flexibility in the next 12 months.

Managing director for everyday banking at Chase, Shaun Port, commented: “Our research indicates that a squeeze on household finances is having a significant impact on how the nation is interacting with their savings, with many likely to be seeking out more flexible options. This includes options that offer the ability to move money to and from accounts when needed.”

Chase’s research found that after flexibility, securing a competitive interest rate is the second most important feature when looking for a savings account, with 47% of respondents citing this.

However, many savers may be missing out on the best interest rates available, after the findings also revealed over a quarter (28%) don’t know what interest rate they are currently on – with an estimated 17 million UK savers having stayed with the same bank for their savings account for more than five years.

As a result of the increased pressure on household finances, the study suggested the nation’s saving goals are also changing. While 40% of savers still have a particular savings goal in mind for 2022, Chase reported that 64% admitted they had reassessed their target due to the cost of living crisis.

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