Comments

Sticky inflation is squashing savers’ real returns on their pots of cash, making it essential for people to shop around, according to a website. The rate of the Consumer Prices Index (CPI) was 3.8 per cent in August, the same as July, according to Office for National Statistics (ONS) figures. ‌

Financial information website Moneyfactscompare.co.uk said the average savings rate, based on market analysis, is currently 3.45 per cent. As the average rate is lower than inflation, it is essential for savers to shop around, to help them avoid losing money in real terms, the website said. ‌

The website’s analysis of cash savings deals on the market found 976 savings accounts that beat inflation – made up of 82 easy access deals, 88 notice accounts, 64 variable rate Isas, 216

See Full Page