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Can You Afford To Save?

While the banks and building societies are still desperate to gain access to funds to lend to customers there are some interesting savings options on the market. However, many of those with attractive interest rates will require consumers to tie-up their capital for a predetermined length of time. This has prompted many to ask whether they can actually afford to save, as strange as that may sound.

If the economy was on the way back up, job prospects were better and the cost of living was under control then many investors would welcome the chance to lock away their savings at attractive rates, but is now really the time?

Each month seems to bring yet more bad news on the economic front with energy prices moving higher, petrol still relatively high and more and more companies looking to cut costs. In this environment it is very difficult to say for certain that you will not need to access your savings over the next 12 months or longer. Even though you will always have access to your money if required, there will be fairly heft penalties if you pull out before the agree date.

How have we arrived in a situation where people cannot afford to save - quite literally!

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