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Save it or Spend it as UK Inflation Stays Put 0%

Personal_Finance / Inflation Apr 14, 2015 - 03:01 PM GMT

By: MoneyFacts

Personal_Finance

Inflation figures released today show that the Consumer Prices Index (CPI) stuck at 0.0% during March.

Today all 874 savings accounts on the market beat inflation, and out of these 681* (149 no notice, 79 notice, 243 fixed rate bonds and 210 ISAs) are without restrictive criteria*.


The effect of inflation on savings means that £10,000 invested five years ago, allowing for average interest and tax at 20%, would have the spending power of just £8,813 today – a fall of 11.87%.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:  

“With inflation at its current level there will be no desire for the Bank of England to raise interest rates any time soon, so it is likely that savers will need to wait it out for at least another year.

“The low rate of inflation means that it is the everyday consumer who will find their cash going further than before, which will make a big difference to those who carefully budget their day-to-day spending.

“Savings rates, on the other hand, are still at appalling lows, and with many people’s money languishing in poor accounts it’s never been more important to shop around for a better deal.

“A staggering 146 savings accounts on the market pay 0.5% or less, but consumers can easily get over twice this amount on a best buy easy access account.

“ISAs remain a great way to save, especially now that the tax-free allowance has increased to £15,240. However, these accounts have not escaped unscathed from persistent rate cuts. Two years ago the average ISA paid 1.82%; this fell to 1.64% last year and has now hit 1.48%.

“Low returns will hit those reliant on monthly interest to supplement their income hard, and a general lack of saving incentives could mean that consumers decide to spend their cash instead.”

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.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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