A price comparison website has claimed that Britons seeking to save their money in an instant access savings account are unlikely to find a product which provides a good rate of interest .
Only a small minority of savings products on the UK market are paying out a high enough rate of interest to offset the 3.7 per cent rate of inflation, moneysupermarket.com stated.
As a consequence, savers have been urged to ensure that their savings accounts have a strong enough rate to provide them with some return on their investment .
Kevin Mountford, head of banking at moneysupermarket.com, said: "Savers really need to keep a close eye on the interest rate, especially on fixed-term accounts whose rate may come crashing down after the term ends."
Meanwhile, recent figures from Barclays suggested that a majority of Brits were not put off saving by the recession.
A survey found that 17 per cent of Britons put more money into savings accounts through the economic downturn.
Inflation rate making saving difficult
Financial Services > Saving Accounts > News
Inflation rate making saving difficult
Thu, 18 Feb 2010
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