Heather Kidd has called for banks to come clean and be fair to savers after it was revealed that more than 80% of savings accounts are paying such a low rate of interest that savers are losing money.
Heather today said “The Bank of England has been holding down interest rates in a desperate attempt to save the economy but this has resulted in the value of savings simply not keeping up with inflation. Over the long term people are going to see their savings shrink. For those who are paying tax at 40% the number of savings accounts where investors are losing money rises to over 90%.”
Heather continued “How co-incidental that banks which the government rescued and are now owned by the tax-payer are among the worse payers of interest on accounts. In some cases the interest rates are as low as 0.05%.”