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PPI Claim News - 29/6/2010

 
Bank charges: Fixed-rate savings returns drop

Banks are no longer offering fixed-rate savings bonds with returns of five per cent, it has been revealed.

Consumer website moneynet.co.uk has found that rates have dropped significantly since October 2009 when a 5.65 per cent five year bond was still available.

ICICI Bank UK now offer the best rate at for a five year bond at 4.75 per cent.

The drop of 0.90 per cent in rates means that a deposit of £50,000 will accrue £1,800 less interest over the five year term, or £30 less per week after basic rate tax.

Andrew Hagger of moneynet.co.uk claimed the news was a further blow to UK savers who have been hit by historically low interest rates.

"2010 has so far been nothing but misery for savers, particularly those relying on their nest egg to provide additional income, and with VAT rises on the horizon, some consumers will be reaching the end of their tether," he said.

Consumers who took out fixed rate bonds in November 2008 could receive returns of seven per cent.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-19864302-ADNFCR



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