Savings: A bad week for savers, inflation to rise, interest rates fall, what are your options?

Broken Piggy Bank (on white)We all know that savers are finding it tough at the moment, but if you have money in Cash ISAs or savings accounts this week was a particularly bad one for you, with two pieces of news showing just hard things have become. Firstly, whilst it was hardly a surprise when the Bank of England announced base rate would stay at 0.5% for yet another month, the Bank ...

Savers protest outside Bank of England

Angry savers protested yesterday outside the Bank of England to highlight the effects of low interest rates on their savings. A combination of high inflation and historically low interest rates means savers are left struggling to find a real, above inflation, return. In fact there are no accounts which currently offer an after tax return to beat RPI (Retail Prices Index). Save our Savers Members of the campaign group, Save Our Savers protested about continuing low interest rates at the same time the latest decision was taken. They were accompanied by “Bertie the pig” a papier mache piggy bank which they destroyed with ...