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Bank Loans: Inflation makes it 'harder' for savers to see returns

The current high levels of inflation have made it harder for savers to secure a good return on their investments, it has been claimed.

According to the latest UK inflation figures published yesterday (November 16th), the Consumer Price Index (CPI) rose by 0.1 per cent to 3.2 per cent in October.

Andrew Hagger, a spokesman for moneynet.co.uk, expressed his belief that the ever increasing rate of inflation means consumers now need to obtain a savings account that pays a four per cent gross to keep in line with inflation.

However, he stated that finding a provider who will offer such a rate will not be easy.

"The problem being there's not that many accounts that will offer that rate," he said.

"You will have to go to a fixed rate bond of three years or more to get that rate and unfortunately a lot of people are probably not happy to tie their money up for that length of time because if you put it in a bond you can't get access to it."

Mr Hagger added that savings rates are unlikely to rise for at least six months, when economic commentators have estimated the base rate will be increased.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800242077-ADNFCR



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