Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accounts

Savings: 6 tricks from savvy savers to avoid ‘zombie’ savings accountsNew research has found a frightening number of savings accounts are paying less than 0.5% interest each year. The consumer group, Which?, has found 1,562 of the 1,952 available savings accounts are ‘zombie accounts’, meaning they are closed to new business. The research found the interest rate on many ‘zombie accounts’ is scandalously low: 40% of ‘zombie accounts’ pay less than 0.5% interest each year, well below the current rate of ...

Sharp fall in the rate of inflation

Figures released today by the Office for National Statistics have shown a sharp fall in the rate of inflation. The Consumer Prices Index (CPI) fell by 0.5% in April to 3%, whilst there was a smaller fall in the Retail Prices Index (RPI) which dropped by 0.1% to 3.5%.   The falls take inflation to its lowest level for two years and is being seen by some financial experts as part of a downward trend since September 2011 when CPI stood at 5.2% and RPI was 5.8%....

Low interest rates and high inflation costs savers £44 billion

The campaign group, Save Our Savers claims that savers in the UK are losing £44.5 billion because of the gap between inflation and Bank Base Rate, which after this week’s decision by the Bank of England, continues to be at an all time low of 0.5%. Mortgage holders and savers Whilst mortgage holders might welcome the news that interest rates will remain at all time lows for at least another month, and probably far longer, savers continue to lose out. Not only is Bank Base Rate  low but even the best savings interest rates are struggling to keep pace ...