Low savings account rates 'hit elderly hard'
www.moneynews.co.uk > General finance > Low savings account rates 'hit elderly hard'
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Low savings account rates 'hit elderly hard'
Wed 22nd Apr 2009
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For those elderly people who rely on interest payments from their savings to top up their pensions, the current Bank of England base rate of 0.5 per cent and the concomitant fall in many savings account rates, have made times tough.
Recent inflation figures reveal that the real return on an average no-notice savings account is 1.06 per cent for the retail price index, but minus 2.24 per cent in relation to the consumer price index.
Darren Cook, senior analyst at Moneyfacts.co.uk, said: "Savers who have made prudent or astute decisions in the past are currently seeing the real value of their savings depreciate on average by 2.24 per cent per annum."
Alistair Darling may announce some measures aimed at easing the burden on the elderly in his budget speech this afternoon.
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