UK banks are still not seeing any significant pick up in deposit movement, according to Credit Suisse, which has analysed the latest monthly Bank of England data.
Deposit inertia has been helping to boost the net interest margins of (NIM) Lloyds, Barclays and NatWest ever since base rates started to rise last year.
All three predicted they would rise to at least 3.2% this year and the lack of movement underlines possibly why they are confident.
Earlier today, a group of MPs again wrote to the banks demanding they explain if they are making excessive profits by not passing the benefit of interest rate hikes on to savers.
The Treasury Select Committee noted profit margins at the four biggest British banks - Lloyds Banking, NatWest, HSBC and Barclays - grew in 2022 while boardroom pay also rose in most cases.
"While consumers are always advised to shop around for the best deals, it is difficult to avoid the conclusion that our biggest banks are taking advantage of their most loyal customers to increase profits and chief executive pay," said Harriett Baldwin, chair of the committee.
In the letter, banks were asked to exp[lain why they offer less than 1% interest on easy-access savings accounts when the Bank of England's benchmark rate is now 4%.
Other trends apparent in the January BoE data are that deposit trends are better in household than corporate, said Credit Suisse, but mortgage lending is slowing and was 3.8% year-on-year and 1.3% in the month.
Shares in Lloyds were down 1.6% at 51.3p, NatWest was flat at 293.9p, while Barclays dipped 1.1% to 172.4p.