Savers struggle to find decent rates

Savers struggle to find decent rates

Savers are finding it increasingly difficult to get a good return on their money, and many are opting to pay off debt rather than keep their savings in a bank account, Moneynet.co.uk has claimed.

Andrew Hagger, spokesperson for the price comparison site, said at least a dozen best-buy savings deals have disappeared from the market in the past week.

Because of the low rate environment, many consumers are choosing to pay off mortgages and credit card debt rather than investing their extra cash.

“With rates at rock bottom there’s little incentive to save, and many people are starting to wake up to the fact that the financial rewards are greater if they make overpayments on their mortgage or credit card borrowing,” Hagger said.

“Until we see an upward movement from the 0.50% base rate there’s little chance that savers will have anything to smile about,” he added.

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