Moneyfacts.co.uk highlights impact of inflation on savings accounts

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Moneyfacts.co.uk highlights impact of inflation on savings accounts

Consumers may find that inflation erodes the spending power of money put aside in savings accounts, according to Moneyfacts.co.uk.

Spokesperson for the website Darren Cook explained how savers are currently struggling to find a return on their cash which will beat inflation.

He claimed basic rate taxpayers need to find a product paying 3.88 per cent and higher rate taxpayers must get interest of 5.17 per cent just to break even.

Mr Cook remarked: "The only trigger for any improvement in savings rates may be a surprise increase in the Bank of England's base rate but this is not likely to happen soon."

The Moneyfacts.co.uk representative stated the average savings rate currently stands at 0.77 per cent.

Last month, the firm highlighted how annuity rates are at an all-time low, with a report showing how such levels have fallen 6.3 per cent for men and 5.6 per cent for women over the past 12 months.

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