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Loan protection: Savers 'must pay' £155 to beat inflation

Savers have to pay a large sum for a packaged account or switch bank accounts to beat inflation, it has been revealed.

The retail prices index for July dropped to 4.8 per cent and the consumer prices index fell to 3.1 per cent but the figure is still well above the Bank of England's two per cent target.

Financial website has obtained figures from Defaqto, which reveal that just one in 1,528 non-Isa savings accounts offers higher rate taxpayers a chance to beat inflation.

However, applicants for the HSBC packaged account will have to pay £155 a year which is more than the potential interest earnings.

Basic rate taxpayers are faced with a similar scenario as only three out of 1,528 savings accounts beat inflation.

In addition to the HSBC account, the Halifax Children's Regular Saver will also beat inflation but it is only available for under-16s.

Furthermore, Santander's Super Fixed Rate Monthly Saver is only available to those who open a current account with the Spanish firm.

David Black from Defaqto told the news provider: "Continued high inflation and low interest rates mean savers will really struggle to get any return from their money. They might just be better served paying off their debts."

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfersADNFCR-2776-ID-800030952-ADNFCR

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