An industry expert has stated that the first six weeks of this year have been "disasterous" for savers.
Alan O'Sullivan, a savings adviser at thisismoney.co.uk, explained that while inflation has risen, the top five savings accounts on moneysupermarket.com have sunk to 2.89 per cent.
Further to this, eight of the top ten most attractive offers have seen their rates either recede or have been withdrawn from the market altogether.
Mr O'Sullivan claimed that savers now have to earn over 3.63 per cent in real terms to gain any benefit from their savings.
He said: "Unfortunately, there are no easy access accounts offering this much interest, so savers will have to lock their cash away for over 18 months to beat inflationary pressures."
Meanwhile, the Bank of England recently predicted that interest rates could remain at their current all-time low level well into 2011.
Expert claims that 2010 has been disastrous for money savers
Financial Services > Savings > Savings and Investments News
Expert claims that 2010 has been disastrous for money savers
Fri, 12 Feb 2010
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