In the event of a 0.5% increase in 2016, only 14% said it would result in them saving more, while just over half (54%) said they’d probably save about the same.
The research conducted by Aldermore asked more than 2,000 people about their thoughts on the savings environment for 2016 and any immediate financial plans they had in the New Year.
More than one-third (36%) of Britons say they’re likely to pay off all outstanding credit or store card debt, while just under a quarter (23%) would open or switch their savings account.
However, most seemed unlikely to change their financial habits with more than two-thirds (68%) saying it was unlikely they’d open or switch their current account and over three fifths (61%) saying it was unlikely they would start paying into a personal pension.
More widely, most, almost half (49%) agree an increase in interest rates would encourage people to save or save more. Three-in-ten (30%) believe greater savings tax benefits would encourage more too.
Simon Healy, Managing Director for Savings, Aldermore, said:
“Even when rates are relatively low, it’s important savers continue to shop around as there are plenty of providers giving competitive rates and allowing you to get better returns on your investments. Interest rates may have increased in the US, but there’s no indication the Bank of England will follow suit any time soon .
“The New Year should be an opportunity to maximise your ISA allowance before the end of the tax year and where possible, to take advantage of new savings products such as the Help to Buy: ISA.
“I will be interested to see the effect of the new Personal Savings Allowance which will allow savers to keep more of the interest earned on their savings and put more away to those all-important rainy days.”
