Sunday, October 19, 2008
That rare breed the red spotted saver is nearly extinct
Meanwhile, inflation hit a 16-year high of 5.2 per cent. This means that, after tax and inflation are taken into account, savers will find it near impossible to make headway. Moneyfacts.co.uk says a standard rate tax-payer needs to find an account paying 6.5 per cent just to break even, while a higher rate taxpayer needs to earn 8.63 per cent.