Although 2009 has been a dismal year for savings account holders, the next 12 months could see increased rates thanks to inflation, according to one website.
In a financial review of the year, Moneyfacts said that interest rates on savings products have fallen to record lows, affecting those who rely on their bank balances for income, such as pensioners.
Michelle Slade, spokesperson for the site, said: "Only savers prepared to lock money away in fixed-rate products have really benefitted, where the demand for savers' money has pushed rates ever higher throughout the year."
However, while the Bank of England base rate has remained static throughout 2009, Moneyfacts believes that rising inflation could cause the Monetary Policy Committee to make some changes as 2010 is welcomed in.
Ed Bowsher, head of consumer finance at lovemoney.com, recently claimed that although the recession brought a low-rate environment, interest on savings accounts have been "relatively good" when taking inflation into account.
Inflation to help savings accounts in 2010
Financial Services > Saving Accounts > News
Inflation to help savings accounts in 2010
Thu, 17 Dec 2009
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