How Does Brexit Affect Cash Savers?

UK investors increased their cash holdings amidst the Brexit uncertainty. We reveal the accounts with the best interest rates on the market 

Karen Kwok 28 June, 2016 | 4:21PM
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UK investors increased their cash holdings ahead of a Brexit outcome last week, analysis from an online investment platform revealed – as fears about the future of the stock market sent them running to safe haven assets. 

New investments into cash are up 408% from April to June this year; as investors sold out of UK and European equities, as uncertainty grew over the European Union referendum, according to rplan.co.uk. The level of new investments into cash was also up 411% from January to June compared to the same period last year.

Holding Cash Amidst the Uncertainty

And this trend is set to continue. Anna Bowes, director of SavingsChampion.co.uk suspects that “continued uncertainty is likely to prolong a flight to safety which means more and more people piling their funds into cash”.

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About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk