UK savings rates are tumbling – what can you do?

Things are going from unhealthy to worse for savers. Just a few days in the past the Bank of England reported that curiosity rates had been persevering with to fall “to new historically low levels” and suppliers are nonetheless sending out letters to clients telling them that returns are being hacked.

That isn’t solely inflicting frustration amongst those that depend on their savings for revenue or are making an attempt to build up a nest egg – additionally it is tempting folks to take additional dangers and play into the fingers of scammers. “Consumers looking around for more attractive savings rates is a fraudster’s dream,” Gareth Shaw, the top of money on the shopper group Which?, advised Guardian Money this week. “With more people moving online to work, shop and bank since the start of the pandemic, and the ease in which scammers can post fraudulent content to attract would-be investors, consumers are at significant risk from this growing crime.”

Even essentially the most aggressive fastened curiosity rates on accounts are coming in at properly under 2% in the meanwhile, says Kevin Mountford, a co-founder of the savings supplier Raisin UK. His recommendation is to “be suspicious of anything above this rate or anything that promises significantly above-average returns”. He provides: “Some people, unfortunately, do fall for savings account scams because they can look legitimate, and it’s becoming more and more common. What you don’t want to do is have suspicions and then ignore them, so even if something looks right, make sure you investigate fully.”

 

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