SIPP deposit interest rates fall by up to 69%

SIPP deposit interest rates fall by up to 69%Ever since we launched our website way back in 2010, we’ve been known for publishing a best buy table for SIPP deposit accounts. In fact, seven years on, it’s still the most popular page on our website. Over the years, we’ve seen many changes in the SIPP market. But, falling interest rates and a contraction in the number of banks and building societies offering deposit accounts for SIPPs, have been constant themes. We thought it would be interesting to review the history of interest rates ...

NS&I slashes Premium Bond prizes and savings rates

Millions of savers were dealt another blow earlier this month as NS&I announced rate cuts across their range, with even Premium Bonds affected. National Savings and Investments (NS&I) was set up to provide a relatively cheap source of government borrowing. It offered security, simplicity and dependable returns and has remained a favourite for savers. As a state owned savings bank, it has never set out to deliver market leading returns, and actually has rules in place to prevent it offering products that would stifle competition. However, despite moderate returns, a combination of a ...

How will the unexpected rise in inflation affect you?

How will the unexpected rise in inflation affect you?New figures show that UK inflation is now at its highest rate since November 2014. The data, from the Office for National Statistics (ONS), shows that the Consumer Prices Index (CPI) rose to 1.6% in December, up sharply from 1.2% in November. The Retail Prices Index (RPI), which includes housing costs, rose from 2.2% to 2.5%. Rising air fares and food prices contributed to the unexpectedly sharp rise, as the effects of the falling pound start to be felt. Reacting to the figures, Mike Prestwood ...

Savings: Interest rate cut on over 100 children’s savings accounts

Little girl wearing eyeglasses with piggy bankNew research has shown that interest rates on children’s savings accounts have been cut dramatically over recent weeks. The research, from Moneyfacts, shows that interest rates have been slashed on 115 children’s savings accounts over the past year. The cuts mean the average rate is now just 1.16%. The news will come as a huge disappointment to parents who now, more than ever, need to save on behalf of their children. With the cost of university rising and it becoming harder to get onto the housing ladder, ...