People's savings are being hit by high inflation and low interest rates, MoneyVista has revealed.
The online financial planning service said only 1.65% (42) of a total 2,532 savings accounts, including ISAs, beat the Retail Prices Index (RPI) and just 2% (52) outdo the Consumer Prices Index (CPI). The findings follow an 811 drop in the total number of savings accounts, from 3,345 in mid-June to 2,534 in mid-November. MoneyVista, Royal London's financial planning website, said savers earning less than 3.25% after tax (4% gross) are losing money in real terms by keeping their savings in the bank.
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