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Bank charges: Inflation 'bad for savers'

People seeking out bank refunds may be interested to find that the latest inflation figures have signalled bad news for savers.

Jasmine Birtles, founder of, a website that covers all aspects of making and saving money, claims that inflation figures have come as "quite a blow".

She said: "It is quite a blow because savings rates are so low anyway. With the new figures on inflation - in other words how much prices are going up - it just shows that their savings are worth even less than they were a month ago or so."

Ms Birtles added that alternative savings accounts, such as peer-to-peer lending sites, could offer a better deal.

However, she warned that many people feel nervous about this form of lending because you could end up giving money to other borrowers directly.

The latest inflation figures from the Office for National Statistics showed that the Consumer Price Index was 4.0 per cent in January, up from 3.7 per cent in December.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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