UK savers urged to check their rates
UK savers are today being urged its check the interest rate on their savings accounts after it emerged that a number of premium, reward and bonus savings accounts were paying 0.1% or less on substantial savings. While UK savers have for some time been struggling to find accounts paying a significant amount of interest, the 0.1% rate available on some accounts is disappointing to say the least.
Despite a number of promises from both political parties, there has been very little for UK savers to cheer about over the last 18 months. Even though UK base rates are currently held at 0.5%, with the Bank of England suggesting that rates have bottomed out, there has been no significant bounce in savings interest rates. This is a very disappointing situation for UK savers who have slowly but surely seen their various nest eggs eaten away as their income has all but disappeared.
Even though the UK government has introduced a tax break for the older savers in the UK this has had very little impact with rates so low and likely to stay that way for some time to come. When will UK savers finally have something to cheer about?
Share this..
Related stories
Is Opec An Organisation Or A Cartel?
This is the interesting question which is being debated in the US with concerns that Opec may in fact be an illegal cartel in all but name. Whether this is true or not is open to interpretation but it seems as though the US authorities are looking to try every trick in the book to look after their own interests.
While the Gas Price Relief for Consumers Act of 2008 was recently pass...
Simple ways to save money : Quit smoking
Despite the fact that the UK government has drastically changed the cigarette packet message in the UK and continually increases taxes on a pack of cigarettes, there are still significant amounts of people unwilling or unable to give up cigarettes. It is estimated that the average 20 day smoker will spend in excess of £2000 a year on cigarettes which ultimately will have a detrimental effect on t...
Read MoreMMR’s impact on mortgage market lessens
The Mortgage Market Reviews (MMR’s) effect on the UK’s mortgage market has reduced recently, according to the Bank of England’s (BoE’s) latest trends in lending report. Mortgage approvals for house purchases picked up in June and then reduced slightly in August. The number of approvals for remortgaging was broadly unchanged between the same period. Experts believe issues associate...
Read MorePrudential Directors Cancel Orphan Fund Payments
Just a few months ago it was suggested that the Prudential was looking at the possibility of authorising a one-off payment to policy holders in exchange for giving up their future rights to the company’s so called orphan assets. There were rumours that the payment would have been several hundred pounds for each of the company’s 4.5 million policyholders, but the company has decided no...
Read MoreMobile phone roaming charges to be slashed
Even though the European Union has attracted significant criticism over the years, there is no doubt that the ongoing onslaught against mobile network providers across the world has been of great assistance to consumers. A recent EU ruling will see the cost of overseas phone calls fall by up to 60% over the next two years with stage one come into play on 1 July.
Just in time for the...