Savings: Rates fall further as the drought continues for savers

desert with wet place on itAs if savers needed any confirmation, new research has shown that interest rates are still falling. What’s more, there is no end in sight to the drought, which has seen hard pressed savers endure an unprecedented period of low interest rates. New research from Moneyfacts, shows that over the past 18 months’, savers have seen 883 cuts to interest rates on all savings account, compared to just 188 rises. The one bit of good news for savers is that inflation remains relatively low; 1.3% (Retail Price Index) ...

Savings: ISA deals “worst on record”

Worker with percentage symbolsNew research has shown that savers are heading for “perhaps the worst ISA season on record.” Savers are now well used to poor interest rates on their deposit accounts and Cash ISAs (Individual Savings Accounts), however a new factor seem to be making things worse. As we head to the end of the tax-year and into what is traditionally known as ‘ISA season’, savers would usually expect to see interest rates on Cash ISAs tick upwards, as banks and building societies compete for savers cash. Not this year. Research from Moneyfacts ...

Savings: Interest rates start to creep up, but be careful!

Interest rates start to creep up, but be careful!New research has shown that interest rates on savings accounts are starting to creep up; but the good news comes with a health warning. According to the comparison service Moneyfacts, the average interest rate on the top 10 ‘easy access’ savings accounts, has risen to 1.48%, up from 1.39% a year ago. The rise comes at a time when speculation has intensified that the Bank of England may push up interest rates over the course of the next few months. Whilst savers, who have had ...

Annuities: Rates at their lowest ever level

Annuities: Rates at their lowest ever levelHot on the heels of Pensions Freedom, pensioners who still want to buy an Annuity have been dealt a blow, as new research has revealed Annuity rates have fallen to their lowest ever level. The research from Moneyfact has found that standard Annuity rates have fallen by 5.9% for a 65 year old with a £10,000 pension pot and by 6.4% for someone with a larger £50,000 fund. A 65 year old with a £50,000 pension pot, will now be able to secure an income around ...