- Wednesday, 18 November 2009A number of UK savers could find their nest eggs depleted as a result of the first increase in the rate of inflation since February of this year.
Moneysupermarket.com has warned people that by not checking for the most suitable account in light of the changes they could lose money, with less than a quarter of accounts paying enough interest to fight inflation.
As a result, a number of people could find themselves with little to no savings to rely on in a moment of need, and could come to seek debt advice.
Kevin Mountford, head of banking at moneysupermarket.com, said that consumers should give serious thought to the situation.
He commented: "We expected to see saving rates creep down before the end of the year, but if rates go any lower then savers will find it almost impossible to beat inflation.
"I would urge savers to be more attentive than ever to ensure they get the best return possible."
Basic rate tax payers will require an interest rate of 1.875 per cent in order to gain a real-term benefit from their savings.
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