Despite the Bank of England keeping interest rates at their lowest level in history of just 0.5 per cent, falling inflation means taxpayers are receiving much higher real returns on their savings.
It is a rare glimmer of hope for savers who have seen the rates offered by some banks head towards zero per cent amid the credit crisis.
Darren Cook, a spokesman at personal finance website said: “Within the current economic climate of doom and gloom, the latest inflationary figures have given savers a much needed boost with the highest real return on savings recorded in five years.
“The decision to continually hold the bank rate at a 0.5 per cent low is a policy to try and get savers to part with their savings and plough …
Read the original article at Telegraph
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Tags: Banks, England, finance, Inflation, Interest Rates, pay, Personal Finance, rent, savings, taxpayer, UK
