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UK Savings Interest Rates in Free Fall, Pensioners Pay the Price

Interest-Rates / UK Interest Rates Apr 21, 2009 - 08:13 AM GMT

By: MoneyFacts

Interest-Rates 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.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Guy R Johnson
27 Apr 09, 12:55
Bond Bubble

I have heard that the next bubble to burst is the bond bubble. Is there any credibility in this assumption? If so, how will Interest Rates fair & how quick ?

Where can I find a graph/table of interest rates over the last century 1900-2000 ? Is there a similar table for the mortgage rate?

Thank you.


Lee
30 Apr 09, 10:20
UK Interest Rates

Official rates from 1975 ...

http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp?Travel=NIxIRx

Cheers


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