Personal Finance News

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million

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This Week's Personal Finance News Update

01/11/12 - Money advice in increasing demand, says study
31/10/12 - Payment barriers exist for disabled and older people, says study
31/10/12 - Gender differences apparent when financial planning
31/10/12 - Half of Brits shop with a basic credit card, says study
30/10/12 - Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12 - More than half of parents are unaware of Junior ISAs
30/10/12 - Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12 - Brits left with £1.4bn repair bill during 'mischief week'
29/10/12 - East of England landlords at apex of yield chart
29/10/12 - Buyers more optimistic about Scottish property market

News

17/07/2012 15:34:05

Savings accounts offering 3% or above can now achieve real-term gains

Following a fall in the Consumer Price Index (CPI), basic rate taxpayers can now make gains in real terms from having a savings account with a rate of interest that is three per cent or greater.

MoneySupermarket.com reports that this increases to four per cent for higher rate taxpayers and 4.80 per cent for those in the 50 per cent bracket, after the CPI fell to 2.4 per cent from 2.8 per cent.

This development means that basic rate taxpayers can now chose from 11 easy access saving accounts which beat inflation, marking the first time since November 2009 that these products are performing better than the CPI.

In response, Kevin Mountford, head of banking at MoneySupermarket.com, had the following financial advice.

"The difference between the average and top paying rates can be significant, so moving to a better deal can go a long way to help savers limit the impact on their pots," he said.

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