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Bank charges: Minimal savings accounts beat inflation

In the wake of last week's news from the Bank of England that inflation has risen to 2.7 per cent, MoneyVista revealed that very few savings account beat the figure.

The financial planning service found that only 1.65 per cent of savings account beat the Retail Prices Index (RPI) and two per cent beat the Consumer Prices Index (CPI).

To put this into context, of the 2,534 savings accounts available, only 42 beat RPI and 52 beat CPI.

Savings accounts have dropped in number overall, falling 811 from 3,345 in June to the present figure.

Technically speaking, Brits earning less than 3.25 per cent after tax on their savings account are losing money in real terms by keeping it in a bank, leaving less cash to cover bank charges and other expenditures.

"It's essential for consumers to keep track of what rate they are getting and to be ready to switch, especially during these harder economic times," said Teresa Fritz, consumer finance expert at MoneyVista.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801490237-ADNFCR

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