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Bank charges: Inflation hits 3.7 per cent

Inflation figures released today (January 18th) show that the Consumer Price Index increased to 3.7 per cent in December, an increase of 0.4 per cent.

This spells further misery for savers, as to beat inflation, a basic rate tax payer at 20 per cent must find a savings account that pays 4.36 per cent per annum.

A tax payer at 40 per cent would need to find an account paying at least 6.17 per cent.

Louise Holmes, spokesperson for Moneyfacts.co.uk, said: "Savers who have been struggling for many months to achieve a competitive return on their funds will be severely disappointed by yet another rise in inflation.

"Over recent weeks some providers have raised easy access rates, but they are still too low to battle the effects of inflation."

It is expected that the rise in inflation will have the biggest impact on those who rely on their savings to supplement their incomes, such as pensioners.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.
 ADNFCR-2776-ID-800349139-ADNFCR



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