Nine in 10 savings accounts are paying such a paltry interest rate that their customers are ‘losing’ money, shocking research revealed today.
Financial experts said savers have become the ‘sacrificial lambs’ of the Bank of England’s desperate attempts to rescue the economy.
Banks which are part-owned by taxpayers such as Halifax and Lloyds are among the worst of the so-called ‘savings sinners’ paying rates as low as 0.05 per cent.
For a basic rate taxpayer with a £10,000 nest egg, this is worth a pathetic £4 after tax – or £3 for a higher rate taxpayer.’
