UK Money News
12th August 2008
Inflation warning for savers
Consumers have been alerted to the impact that soaring inflation could be having on their nest eggs.
Latest figures show that inflation during July leapt from 3.8 per cent to 4.4 per cent - the largest monthly jump recorded for over ten years.
Responding to the figures, Michelle Slade, an analyst at Moneyfacts.co.uk said that soaring prices will eat into returns offered by the majority of savings accounts.
She explained: "The most popular account with savers is a no notice account, where the average rate currently ranges between 3.3 per cent and 4.14 per cent before taxation, depending on the amount invested.
"In real terms, inflation is not only eroding returns on the investment, it is also depreciating the original capital invested."
Ms Slade added: "Savers need to make sure they review their existing arrangement and switch to best buy accounts paying rates higher than inflation."
The leap in inflation has been fuelled principally by soaring wholesale food prices, which has prompted a spike in customers' grocery bills.
back to August's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
