Inflation Drop Remains Good News for Savers
CHESTER, England, June 19, 2012 /PRNewswire/ –
- Basic rate taxpayers need a rate of 3.50 per cent to gain benefit in real terms, increasing to 4.67 per cent for higher rate taxpayers
Today’s announcement by the Bank of England that The Consumer Price Index has fallen
for the second month in a row to 2.8 per cent from 3 per cent, now means that more savings
accounts beat the eroding effect of inflation. Consumers should take advantage to maximise
their returns, according to MoneySupermarket.com [http://www.moneysupermarket.com ].
To beat inflation, basic rate tax payers now need an account paying at least 3.50 per
cent to gain benefit in real terms from their savings, increasing to 4.67 per cent for
higher rate tax payers, and 5.60 per cent for 50 per cent tax payers.
For basic rate tax payers there are 101 fixed rate bonds and 30 fixed rate cash ISAs
that will beat inflation. Higher rate tax payers have less choice with just one fixed rate
ISA beating inflation.
Kevin Mountford, head of banking, at MoneySupermarket.com
[http://www.moneysupermarket.com/savings ], said: “The fall in inflation for the second
month in a row is great news for hard-pressed savers, and this should really offer a boost
to those struggling to gain any real returns on their savings pots. The news should also
provide encouragement for people to start saving again, especially those whose New Year
resolutions to save more may have fallen by the wayside. Six months on and it’s not too
late to start a savings habit of putting aside money each month to help build up a pot.
“Consumers need to make sure they are on the best deals possible to get the most bang
for their buck and avoid paying over the odds for expenses such as energy, household bills
and insurance. Reviewing finances and using MoneySupermarket to switch to the best deals
can save over GBP1,000 and free up additional cash to help offset the pressures of the
cost of living.”
MoneySupermarket.com’s customer commitment
- No other site compares more prices or products - We are independent so only find the best deals for you - The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so - Your details are safe with us and we won't sell them to anybody
MoneySupermarket.com compares (at 29th March 2012)
- 98 car insurance providers and 81 home insurance providers - 11 broadband providers and 18 energy providers - 31 unsecured loan and 5 secured loan providers - 62 mortgage lenders and 28 credit card providers - 67 savings providers and 37 current account providers. - Over 1,750,000 mobile phone deals
We promise to be clear and impartial
- All the products in our full search results tables are displayed in a completely unbiased manner. - We don't add fees or commissions on to the prices we compare. - There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.
We promise to be trustworthy
- We never use your data to make unwanted sales calls or send you spam. - We never pass your personal information to third parties unless you give us permission to do so. - Even if you choose to receive additional information from us, you can opt out at any time. - We promise to be supportive. - You can use our community forum to get information and help from other customers.
If you need further help or support, you can contact our sales advisors or customer
Paul Lawler PR Manager Financial Services +44(0)1244-370317 +44(0)787-237-9545 firstname.lastname@example.org