Pity the savers. With interest rates at historic lows and banks loath to offer anything remotely resembling a decent return, it’s tempting to stash bundles of cash under the mattress and wait for better times.
Hardly a day goes by at Spectator Money without a press release lamenting the paltry rates on savings plans. Yesterday, for instance, came data from Moneyfacts.co.uk revealing that rate reductions in the savings market have now outweighed rate rises for nine consecutive months. And what has happened to the base rate during that time? Absolutely nothing.
In June, Moneyfacts recorded just 14 savings rate rises. But rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at a staggering 117. Some deals fell by as much as 1.30 per cent.
That’s not all. According to Moneyfacts, average savings rates are the lowest on record.
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