"A corollary of a low interest rate environment is a growth in deposits and we’ve seen personal deposits, in particular, grow more strongly in recent months as consumers hoard cash in the absence of higher-yielding, liquid investment opportunities," the British Banking Association's (BBA) chief economist Rebecca Harding said in the report.
The BBA report further revealed that remortgaging approvals were 14 percent higher than in November 2015.
Harding further noted that this growth may be a result of the uncertainties that lie ahead in a post-Brexit United Kingdom.
"This growth in personal deposits may also suggest that consumers are looking to grow their cash reserves against potential economic uncertainties, such as an expectation of lower wage growth," Harding explained.
In June, the United Kingdom voted in a referendum to leave the European Union. Soon after the referendum, UK Prime Minister Theresa May said that the country would trigger the Article 50 of the EU Lisbon Treaty by the end of March 2017, thus beginning withdrawal negotiations.