Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Santa Claus…. Where’s My Interest?

Personal_Finance / Savings Accounts Dec 15, 2015 - 12:05 PM GMT

By: MoneyFacts

Personal_Finance

Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market are now outweighing rate rises for the first time since daily rate change monitoring began.*

In the month of November, Moneyfacts recorded 36 savings rate rises, with only one deal posting a significant increase of 0.80%. Disappointingly, these rises were eclipsed by the 73 rate reductions that took place over the same period, with some rates falling by a massive 0.86%.


On the other hand, savers’ precious funds won’t be greatly affected by inflation: inflation statistics released today show that the Consumer Prices Index (CPI) increased from -0.1% to 0.1% during November, which means they have little to worry about in terms of savings erosion. Unsurprisingly, all of the 879 savings accounts currently on the market can beat or match inflation, and of these 732* (133 no notice, 72 notice, 313 fixed rate bonds and 207 cash ISAs) are without restrictive criteria*.

Savers who invested £10,000 back in 2010, however, will have suffered dearly from the damaging effects of high inflation, tax deductions and low interest rates of the following years. Based on the average easy access savings rate and average inflation and tax at 20%, their spending power will have dropped to just £8,889 today.

Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said:“The savings market is certainly lacking Christmas cheer this year - the multiple rate increases we’ve been enjoying recently have now become a thing of the past, with many providers cutting rates to keep themselves out of the Best Buys. Savers are therefore fighting an uphill battle to get a great savings account, with many of the bigger banks simply turning their backs on savers’ money.

“As a result, the FCA wants to not only highlight the worst paying accounts but also force providers to prominently display customers’ rates on all correspondence. It’s hoped that this will raise savers’ awareness and motivate them to switch to more competitive accounts. However, these measures are not likely to give providers much incentive to offer better rates; instead, the onus is placed on the saver, who must switch accounts to get a better deal.

“There has been some good news, however. First-time buyers trying to save for a house deposit have had their dreams bolstered this month by the launch of the Help to Buy ISA. With some accounts offering interest of up to 4% as well as benefiting from bonus money from the Government, these deals beat all of their market competitors.

“Other savers will need to look towards the unfamiliar to achieve decent returns, as challenger banks appear to be the only providers with the appetite for savers’ funds. Anyone sitting with an account paying next to nothing shouldn’t put up with it. Instead, they should move their money elsewhere and get the returns they deserve.”

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.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in