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PPI: Low interest rates will 'not discourage' savers

The current low levels of interest paid on savings accounts will not discourage UK consumers from investing in their future, according to an expert.

Following the withdraw of the National Savings & Investment savings certificates earlier this year, very few accounts now offer savers inflation-beating rates.

However, Jason Fiddle, co-founder of Save Our Savers, claimed that this will not put consumers off saving as they always have their funds earmarked for a purchase.

"Overall the current interest rates will probably not discourage saving, since people save for a reason, such as to make a major purchase or to provide for their old age; the current interest rate has little bearing on this," he said.

Mr Riddle added that those who are dependent on their savings income may be forced to spend their capital, while they may also believe it is not worth maintaining their savings as they are being devalued by inflation.

Recent research by consumer champion Which? has revealed that savers are missing out on £12 billion a year because banks are not being transparent about the poor returns they offer on some savings accounts.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800207533-ADNFCR

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