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No appreciation for elderly savers
Savings rates are still in freefall with the average no notice rate currently at 0.64%, just above bank base rate.
The recent published inflation figures shows that the real return after basic tax and inflation on an average no notice savings account is 1.06 per cent for RPI, but is at a worrying minus 2.24 per cent for CPI.
Darren Cook, Senior Analyst at Moneyfacts.co.uk, commented:
“Low interest rates are geared to encourage savers to plough their savings back into the economy, but this serves little or no benefit to those who rely on interest from their hard earned wealth to subsidise their pension.
“Most pensioners who are likely not to have to make a mortgage repayment are enjoying no benefits in witnessing the RPI falling below zero for the first time since 1960.
“Savers who have made prudent or astute decisions in the past are currently seeing the real value of their savings depreciate on average by 2.24 per cent per annum.
“We hope that the Chancellor does not ignore these individuals when delivering his long awaited and crucial Budget speech.”
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500