'Low interest rates' available to savers

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'Low interest rates' available to savers

Consumers looking to make the most of the money that they have in their savings accounts have poor options to choose from, according to Moneynet.co.uk.

As CPI has risen to 1.9 per cent this month, a basic rate taxpayer will now have to ensure they get a return of at least 2.375 per cent gross on their savings to receive good returns on their cash.

A review of savings accounts by the financial website found that 86 per cent of variable rate accounts offer 2.375 per cent or less.

Savers in the higher tax bracket need at least a return of 3.17 per cent gross on their accounts to beat inflation.

Andrew Hagger of Moneynet.co.uk: "Don't let your savings provider profit at your expense, you've probably had to work hard to build your savings balance, so don't let its value dwindle in an account offering a derisory rate of return."

For consumers trying to make the most of their cash this Christmas, Moneynet.co.uk advises them to take out an authorised increase on their overdraft to guard against charges for going over their limit during the holidays.

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