PPI Claim News - 16/2/2010
Personal Protection Insurance: 'unhealthy' rates hammering savers
Savers are in for a rough ride this year unless the Bank of England (BoE) improves its rates, a financial expert has claimed.
Commenting on research by moneysupermarket.com, which suggested that the first six weeks of 2010 have been difficult for savers, finance professional Darren Cook agreed that now is a "disastrous" period for consumer saving.
Mr Cook, a spokesperson for Moneyfacts.co.uk, went on to say that the interest rates on instant access savings accounts had been hardest hit.
"As long as the cost to borrowers keeps reducing, I don't see it getting much better for savers in the short term.
"Improvements will only be seen when the Bank of England decide to return its rate back to a healthier position of around three or four per cent," he added.
Since the November Report by the BoE, the Monetary Policy Committee has held the Bank rate at 0.5 per cent.
However, savers have been faced with rising inflation, and the average rate of the top five savings accounts has dropped to just 2.89 per cent from 3.04 per cent at the turn of the year, hammering personal savings.
Belmont Thornton can help you make a PPI claim Payment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.
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