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Inflation Remains High but Savers Can Still Make Money Work Harder

CHESTER, January 15, 2013 /PRNewswire/ --

  • Basic rate taxpayers need a rate of 3.39 per cent to gain benefit in real terms, increasing to 4.51 per cent for higher rate taxpayers
  • Only 14 savings accounts now beat inflation BUT it's still worth moving your money

Today's announcement by The Bank of England that The Consumer Price Index (CPI) has remained at 2.7 per cent means that savers need to be proactive and move to an account paying better rates in order to limit the impact of inflation on their money, according to analysis by MoneySupermarket.

To beat inflation, basic rate tax payers will need an account paying at least 3.39 per cent to gain benefit in real terms from their savings, increasing to 4.51 per cent for higher rate tax payers, and 5.41 per cent for 50 per cent tax payers.

No easy access accounts currently beat the effects of inflation while 13 easy access ISAs and one fixed rate ISA that beat inflation. However, with the current average savings rate currently at 0.26 per cent, the majority of savers can still switch to much better deals and reduce the impact of inflation.

Kevin Mountford, head of banking at  MoneySupermarket.com, said: "The high cost of living has had a major impact on UK household budgets, and today's news that inflation remains at 2.7 per cent, will be unwelcome news for savers, especially in light of the low number of savings options available that beat inflation.

"It is important savers don't give up, though, or get put off, and prepare to switch if they are not currently on the most competitive deal. With the majority of savings sitting in accounts paying a derisory rate of interest, most savers will still benefit from switching to market-leading deals, even if the rates on offer don't beat the eroding effect of inflation. Limiting the impact of inflation is vitally important at a time when you will struggle to find accounts that beat it, especially if you cannot lock money away for the longer term or have already utilised your tax-free allowance. It is also important to check your rate if you signed up to an account offering a bonus rate, as there are many deals coming to an end shortly, meaning you could be left on a very uncompetitive rate.

"As we approach the end of the current tax year savers should utilise products such as Cash ISAs to take advantage of the tax-free benefits they offer. Savers should also consider looking at alternative products such as offsetting savings against mortgage borrowing or peer-to-peer lending as the returns may be more favourable."

    Cash ISAs
                          Account               Minimum    AER
    Provider             (Terms & Conditions    Deposit    3.10%   Notes
    Coventry BS           60 Day Notice ISA (2) GBP1       months  Includes 0.60% bonus
                                                                   for 12 withdrawals
                                                                   subject to 60 days' 
    First Trust Bank      Cash ISA              GBP50      3.10%   N/A
    Newcastle BS          Big Home Saver ISA    GBP1       3.02%   For those saving to  
                                                                    buy a home
    Stafford Railway BS   Cash ISA              GBP1       3.00%   N/A
    First Direct          Cash ISA              GBP1       3.00%   For 1st Account holders                
    Vernon BS             Regular Saver ISA     GBP25      3.00%   Local restrictions apply                                                                       Withdrawals subject to 30 days notice
    Beverley BS           Cash ISA              GBP500     3.00%   Existing customers only
    Newbury BS            90 Day Cash ISA       GBP20,000  2.85%   Withdrawals subject to 
                                                                   90 days' notice
    HSBC                  Cash e-ISA            GBP1       2.75%   Existing customers only
    Marks & Spencer       Advantage Cash ISA    GBP100     2.75%   N/A
    Marsden BS            Direct Cash ISA 30    GBP4,000   2.75%   Withdrawals subject to 
                                                                   30 days' notice
    Marsden BS            Members Reward ISA    GBP10,000  2.75%   Existing customers of
                          (Issue 1)                                at least 5 years only
    Sourced by http://www.moneysupermarket.com 15.01.2013
    Fixed Rate Cash ISA
    Provider             (Terms & Conditions Apply)     Minimum Deposit   AER
    BM Savings            3 Year Fixed Rate ISA         GBP500            2.80%
    Sourced by http://www.moneysupermarket.com 15.01.2013

Notes to Editors

MoneySupermarket.com compares (at 27th Dec 2012)

  • 134 car insurance brands and 97 home insurance brands
  • 9 broadband providers and 20 energy providers   
  • 31 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 26 credit card providers
  • 63 savings providers and 38 current account providers.
  • Over 650,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available


Paul Lawler


+44(0)787-237-9545 / +44(0)1244-370-318

[email protected]

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