Times are awful for savers with a best-buy rate at 1%, but the crunch is about to get worse, says SIMON LAMBERT
The past few years have been awful for savers and unfortunately the crunch is about to get worse.
Savings rates that many had hoped just couldn’t go any lower have consistently proved such optimism wrong by sinking further, ever since the summer of 2012.
In August 2012, the best buy easy access account paid 3.2%; today it pays just 1%.
That line in the sand four years ago is significant because that was when the Funding for Lending scheme was launched, pumping cheap money through to banks and building societies and killing demand for savers’ cash.
A month after that, the best easy access... read more
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