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PPI Claims: Savings affected by inflation

Bank refunds may become more significant as the financial benefits gained from investing in savings accounts are becoming minimal.

The interest rates associated with savings accounts have been "decimated" by taxation, a low base rate and rising costs of living, stated Defaqto's insight analyst for banking David Black.

A worker paying the most basic rate of taxation in the UK now needs to find a savings account that offers seven per cent interest before they can see any real-term fiscal return, according to the firm's figures.

Mr Black believes people should invest in reducing the amount they owe to high interest creditors such as store cards, credit cards and unsecured loans.

His comments came after the Office for National Statistics announced the retail price index (RPI) rate of inflation is at its highest level since 1991.

The RPI increased 0.4 percentage points during September and now stands at 5.6 per cent.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800763203-ADNFCR

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