Two in Five Savers Are in the 1% Club ; Pensioners Suffer the Most Pain As Their Interest Plummets to Almost Nothing
Mail on Sunday › January 11, 2009
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Summary
ELEAGUERED savers are in despair after the Bank of England took the knife to interest rates again last week, slashing the base rate by half a point to only 1.5 per cent. Many were still reeling from seeing December's shock one point rate cut applied to their accounts early in the New Year.
Two out of five of all variable savings accounts now pay interest of one per cent or less, according to a survey by rates analyst Moneyfacts carried out last week.See the full content of this document
Extract
Two in Five Savers Are in the 1% Club ; Pensioners Suffer the Most Pain As Their Interest Plummets to Almost Nothing
The latest base rate fall means that savers' returns will deteriorate further, which is particularly painful for pensioners who rely on income from their savings.
Conservative leader David Cameron has promised bigger tax breaks on savings income to encourage a greater savings culture (see Jeff ...See the full content of this document
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