UK Savers Lose Up to 18 Billion Pounds a Year
The latest research by UHY Hacker Young, UK-based chartered accountants, Brits are losing up to 18 billion pounds a year by putting their money into savings accounts.
The company found out that the vast majority of savings accounts pay less than the current inflation rate of 3%. The highest rates are traditionally paid on ISAs, and they stand at only 2.6% or so.
Commenting on the findings, partner at UHY Hacker Young, Mark Giddens, said: “Savers are losing a staggering amount of money. Central banks are doing all that they can to keep interest rates low and that feeds through to deposit rates. This intervention ensures that savers are unlikely to see rates raised in the near future. Savers need to be proactive and shop around in order to get the best rates for their savings."
He also highlighted that there is a lack of competitors in the savings market, which is another reason why companies are not willing to offer the best deals.
The full report is available on the official website of UHY Hacker Young.
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