Few savings accounts help savers to save money
High inflation & low interest rates are not the best incentives to save.
In fact, research from Defaqto has found, just 1.1% of the 1800 or so savings accounts available in the UK actually make you any money at all once you factor in inflation and tax.
If you factor in the rising cost of keeping a roof over your head, that figure falls to just three tenths of a percent.
David Black, Head of Banking at Defaqto, took the BBC through the findings.
24 May 2011
- From the section Business