Brits put Less Into Savings …but are They Saving More Than Ever?
The amount of disposable income being set aside each year by the average household is dwindling, according to official data. Research from the Office for National Statistics has revealed that people put aside a total of 5.1% of their disposable income in 2013, compared with 7.3% the previous year. This will be particularly concerning for […]
Revamped ISA System to Help UK Savers
Chancellor George Osborne announced several major changes to the ISA system in his Budget speech for 2014, paving the way for millions of British savers to benefit. The New Individual Savings Accounts (NISAs) will allow more people to save without the need to pay tax – as up to £15,000 can now be placed into […]
Money Management Tips That Could Help You Save
As Chancellor George Osborne prepares to announce his budget for the coming year, the chances are that at least a little part of it will focus on the concept of saving. From reducing the amount of energy we use to spending less on food and drink, there are a number of ways that can cut […]
Saving Rates Drop by 50% Across Five Years
Saving rates for consumers have fallen by a whopping 50% since the Bank of England slashed interest rates to 0.5% in 2009. A lack of competition and the introduction of the Funding for Lending scheme have also had an impact, resulting in the levels of interest received dropping dramatically. For instance, a saver can now […]
Assessing Savings Options – Do Poor Rates Make it Worthwhile?
Even though the rate of inflation is down to 1.9%, finding saving accounts that negate the impact of tax and inflation remains difficult for consumers. According to Moneyfacts, there are only 31 non-ISA accounts on the market that can effectively do this, out of a total of 627. Given that beating the Consumer Price Index […]
ISA Savers Missing out on the Best Rates
Savers across the UK who have poured billions into their Cash ISA accounts are missing out on the top rates of interest, according to the latest research. And worse still, they are being shunned if they try to shift their existing ISAs to accounts which are offering better rates. The subsequent result of this situation […]
Is it a Good Time to be a Saver in the UK?
So far in 2013, many savers will have kept a close eye on the gradual fall in the rate of inflation and considered what it might mean for their precious funds. November saw rates reach 2.1%, down from 2.7% in January and ever so slightly nearer to the government’s target of 2%. However, it has […]
BoE Figures Suggest Savings are at a 40-year Low
Savers across the UK are withdrawing money at the fastest rate for almost 40 years, according to the Bank of England. The last 12 months have seen £23bn taken out of long-term savings accounts, the equivalent to £900 for every household across the whole of Britain. Many have either spent the cash or switched their […]