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Can you remember your savings rate just 12 months ago?

As the situation for UK savers continues to deteriorate it would appear that many savers in the UK are completely unaware of their current savings rates and the rate they received prior to the onslaught of the recession. Despite the fact that professional financial advisers are constantly monitoring rates and offers in the market place it would appear that the vast majority of UK savers are happy to "stay where they are". This has led to a significant reduction in income for many in the UK, with the older generation having been hit particularly hard.

Interestingly, towards the end of the last tax year we saw a significant amount of funds switched from savings accounts to ISA cash accounts where interest earned is tax-free. While just a few weeks ago there were also indications of increased interest in the stock market, this did not appear to follow through into ISA stock accounts although it will likely be very different this tax year.

As and when we see renewed confidence return to the UK stock market there is every chance that funds currently held on deposit, earning very little income, could be switched into the stock market and or pooled investments. However, with confusion surrounding the UK economy this could happen tomorrow or next year, nobody really knows!

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