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Bank claim: Savers offered lower returns

UK savers are being offered increasingly lower returns on their savings bonds, according to research.

Consumer website moneyfacts.co.uk has revealed that the average rate on a one-year bond dropped to an all-time low of just 2.62 per cent.

Just nine months ago, investors could see returns of 3.23 per cent, despite the freeze in interest rates during this period.

Michelle Slade, spokesperson for moneyfacts.co.uk, claimed that savers will yet again be disheartened by the findings.

She said: "Prudent savers who rely on the interest from their savings to supplement their income continue to be hit the hardest.

"With a change in bank base rate still predicted to be a little way off, the situation for savers is likely to get worse before it gets better."

Ms Slade advises customers to shop around for the most competitive rates.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800000043-ADNFCR



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