UK savers facing "really bleak times"

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UK savers facing "really bleak times"

UK savers will have to face up to "really bleak times" as few savings accounts are now able to offer a real rate of return, it has been claimed.

Despite the latest figures revealing a drop in the rate of inflation, Defaqto's analysis of current rates suggests that the outlook remains gloomy for savers.

David Black, principal consultant for banking at the firm, attributed the poor returns to the continued cuts in the Bank of England base rate.

"The dramatic falls in the bank base rate has meant that savers are facing really bleak times and many taxpayers now have few opportunities to obtain a real rate of return after inflation and tax are taken into account," he explained.

However, Mr Blake claimed that savers could still make the best of the situation by remaining "on their toes" to access the best rates.

People could also think about switching their account to gain a better deal and take advantage of introductory bonuses, Defaqto advised.

The Nottingham Building Society this week launched a new savings account designed to cater specifically for first-time property buyers.

Savers are offered a return of up to 3.5 per cent on any investment over the sum of £5,000.

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