Saturday, August 14, 2010
Oh the irony!
MILLIONS of savers are seeing their accounts rendered obsolete because of low interest rates and rising inflation. With historically low interest rates, which have been held at 0.5pc for 17 months, and inflation now at 3.2pc, savers are already struggling to get a decent income. Darren Cook, of personal finance website Moneyfacts, said: â€œInterest rates are not high at the moment. But the last thing you want is for savers to go out and change banks or put their money into a riskier investment during this economic uncertainly."