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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?

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