Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

With High Inflation Here to Stay, Savers Need to Maximise Returns

CHESTER, England, February 12, 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
  • ISAs offer the best return on savings for those looking to lessen impact of inflation

Today's announcement by The Bank of England that The Consumer Price Index (CPI) has remained high at 2.7 per cent, and with indications that high inflation is here to stay for the foreseeable future, 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 six easy access ISAs and one fixed rate ISA beat inflation. In addition, 11 regular saver accounts beat inflation for basic rate taxpayers, while only five regular saver accounts beat inflation for higher rate taxpayers. 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: "With inflation remaining high, and set to remain so for the foreseeable future, people need to be prepared to limit the impact of the rising cost of living on their household budgets. For savers it is important to make sure your money is working as hard for you as it can do.

"Although there are only a few accounts which offer returns which beat the eroding effect of inflation, it is vital not to be disheartened. The important thing is that people are prepared to switch if they are not currently on the most competitive deal, even if the rates on offer don't beat the eroding effect of inflation - especially as the majority of savings are sitting in accounts paying a derisory rate of interest. If you are a UK taxpayer, then using your tax free ISA allowance should be the first port of call for savers looking to limit the impact of inflation.

"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. Savers may 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."

Notes to Editors

Inflation beating savings accounts

    Cash ISAs
                     Account
                     (Terms &
                     Conditions     Minimum
    Provider         Apply)         Deposit    AER    Notes

    Newcastle BS     Big Home       GBP1       3.02%  For those saving to buy a home
                     Saver ISA        
    Stafford
    Railway BS       Cash ISA       GBP1       3.00%  N/A

    First Direct     Cash ISA       GBP1       3.00%  For 1st Account holders only

    Vernon BS        Regular Saver  GBP25      3.00%  Local restrictions apply
                     ISA
                                                  
    HSBC             Cash e-ISA     GBP1       2.75%  HSBC current account holders only
    Marsden BS       Members        GBP10,000  2.75%  Only available to existing
                     Reward ISA                       members of 5 years or more.
                     (Issue 1)     

    Sourced by http://www.moneysupermarket.com 12.02.2013

    Fixed Rate Cash
    ISA
                     Account
                     (Terms &
                     Conditions     Minimum
    Provider         Apply)         Deposit   AER

    BM Savings       3 Year Fixed   GBP500    2.80%
                     Rate ISA

    Sourced by http://www.moneysupermarket.com 12.02.2013
    Regular Savings
    Account
                     Account
                     (Terms &
                     Conditions     Minimum
    Provider         Apply)         Deposit   AER     Notes

    M&S Bank         M&S Monthly    GBP25     6.00%   Existing M&S Bank customers only.
                     Saver

    HSBC             Regular Saver  GBP25     6.00%   Existing HSBC Premier, Advance,
                     (preferential                    Passport or Graduate Advance account
                     rate)                            holders only.

    Norwich &        E-Family                 5.00%   Available only to those with
    Peterborough BS  Regular Saver GBP1               dependent children up to the age of
                                                      16 or 18 if in full time education.
                                                      Online access only.

    Norwich &        Family                   5.00%   Available only to those with
    Peterborough BS  Regular Saver GBP1               dependent children up to the age of
                                                      16 or 18 if in full time education.

    Norwich &        Gold Savings  GBP20      5.00%   Available to Gold Current
    Peterborough BS                                   Account customers only.

    West Bromwich BS Fixed Rate    GBP10      4.10%   N/A
                     Regular Saver
                     (Adult)      
    Norwich &        E-Regular     GBP1       4.00%   2.15% bonus for 12 months.
    Peterborough BS  Saver                            Online access only.

    Norwich &        Regular       GBP1       4.00%   2.15% bonus for 12 months.
    Peterborough BS  Saver

    Saffron BS       Fixed Rate    GBP10      4.00%   Existing members only.
                     Members'
                     Regular Saver
    HSBC             Regular Saver GBP25      4.00%   Existing HSBC customers only.

    Sourced by http://www.moneysupermarket.com 12.02.2013


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

Contact:
Paul Lawler
MoneySupermarket.com
+44(0)787-237-9545 / +44(0)1244-370317
[email protected]

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things’). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing? IoT is not about the devices, it’s about the data consumed and generated. The devices are tools, mechanisms, conduits. In his session at Internet of Things at Cloud Expo | DXWor...