Savings: Britons urged to give their cash a ‘boost’ as many ‘lose money in real terms’
Savings accounts have taken a blow recently as a result of the ongoing pandemic. The trigger to these issues was seemingly pulled by the Bank of England in its decision in March 2020 to reduce its base rate to 0.1 percent. The lowest base rate in the central bank’s history undoubtedly had an effect on the interest rates offered by more familiar providers.
“We know that interest rates with as low as they’ve been, this can create a particular problem.
“You could have been diligently putting away money into a cash ISA or savings account, you would have had incremental growth in those savings.
“But especially with inflation going up in the way that it is, you could actually be losing money in real terms.”
The stock market, however, Ms Currie stated, has been on the rise, despite the known volatility associated with it.
For those who are looking for returns, this method may be better, particularly in the long term, as Britons ride the ups and downs of the market.
