Cambridge & Counties Bank hits £1bn in customer deposits

Cambridge & Counties Bank has seen customer deposits hit £1bn for the first time since launching in 2012.

The record level in deposits — up from approximately £900m at the end of 2020 — follows a period of growth for the bank, which witnessed an almost 40% increase in gross new lending last year, with a 9% rise in total loans and advances to customers to £828m.

It also follows the company’s rebrand in July, which included a new website. 

According to Cambridge & Counties Bank, the increase in deposits has been driven by competitive rates across key markets, particularly in fixed-rate accounts, with higher levels of savings supporting its lending growth in areas such as asset, property, and classic car finance.

Christian Cowie, director of savings and marketing at Cambridge & Counties Bank, said: “While the Bank of England base rate remains at an all-time low, [we have] increased rates on a range of accounts over the past four months. 

“We continue to focus on offering competitive rates and differentiating factors, such as a rich customer experience and tailored solutions, as the bank looks to meet strong lending demand from our target SME and real estate markets.”

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