High inflation and low interest rates can mean disaster for savers looking to generate income from their hard-earned cash.
Inflation has risen to 2.9% (December 2017), the highest level in over two years, with some experts predicting that this could increase to a whopping 4% by the end of the year.* Interest rates too are still frozen at 0.50% and may not budge until 2019.**
Savers must take steps now to stop their ‘nest-egg’ from dwindling under rising living costs and ultra-low interest rates.
Making UK Savings Rates Work for You
Now has never been a more important time to review your finances and find the best savings rates for you.
And for those with no savings account, creating a savings plan to suit your lifestyle and budget is a far more sensible option than having to borrow for large unexpected, living expenses that could harm your long-term finances.
Sources:
* http://www.bbc.co.uk/news/business-37838087
**http://www.thisismoney.co.uk/money/news/article-4306074/Economists-predict-BofE-rates-hold.html
