ASK AN EXPERT: TRAVEL & HOLIDAYS. You've got a few more days to add your travel & holiday questions for deals expert MSE Oli
MSE News: No 'savings' accounts exist, they're all 'losings'
Former_MSE_Guy
Former MSE 1.7K Posts
This is the discussion thread for the following MSE News Story:
"The only UK savings account that beats the present 5% RPI inflation rate was withdrawn last week, so what next for savers? ..."
"The only UK savings account that beats the present 5% RPI inflation rate was withdrawn last week, so what next for savers? ..."
0
This discussion has been closed.
Latest MSE News and Guides
Replies
Absolutely - but it's only a matter of time before some cretin comes along and says 'I shouldn't bother my backside saving and will just claim benefits like everyone else'
Granted, it's rubbish to see wealth shrinking, but I think we need a little perspective on the negative effects of inflation on cash savings.
Most people who are saving towards a short-medium term goal (holiday, house deposit etc.) will still be able to reach said goals regardless of inflation, because they're saving £££ of pounds a month and even with this decreasing by a percent or two a year, their capital will continue to grow.
Aside from these goals, I can't understand the appeal of having huge stashes of cash - would far rather have my money invested somewhere where I stand a chance of making some real money instead of just piling up slowly. Then again, I'm fairly risk-tolerant.
Those who will be hurt by this will be older savers with most of their money in cash. They have my genuine sympathies because there's not much they'll be able to do...
a best fit but we all have a personal inflation rates and if you use more or less of a product. The are looking at average, but someone who say doesn't drive hasn't been as affected as Mr Average 10K miles who has seen pence per litre go up by 20p in the last year.
Indeed there is higher inflation for some and lower for others.
What possible motivation could there be to issue this, except PR? Can they not understand how some of our more gullible posters might look at it and decide to stop saving completely?
Unbelievable. Another MSE lowpoint, following the disingenuous article a couple of months ago about NS&I rates of return.
Neither do I, to be honest. If anything, most things I buy have got got cheaper or are at roughly the same level as they were last year.