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Savers warned about ‘leaking bucket’ accounts that may leave them worse off

The Independent·Vicky Shaw·20 days ago
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Some savers have potentially lost around 19p per £1 saved in real terms since 2020, due to the eroding impacts of inflation outpacing savings rates, according to analysis. Even those putting their money away into the most competitive cash savings deals may have seen the real value of their pots decrease, according to calculations made for the journal Interest from Moneyfacts . It said that, based on average easy access deals, savers may have lost around 19p per £1 saved, while even based on the top-paying easy access accounts, savers may have lost around 5p per £1 saved. In some cases, savers may have beaten inflation. Money held in the top one-year fixed-rate accounts could have left savers around 1p per £1 saved better off, according to the calculations. The conflict in the Middle East has prompted concerns about inflation risks and the impacts on household bills in the months ahead.…

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