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There were nearly 200 savings accounts pulled off the market last month alone.

 

Britain’s savings accounts have been vanishing from the market this year, with 351 disappearing in 2012. Savers can look forward to a tough 2013 as providers that remain announce shocking rate reductions for their existing customers. Furthermore, this drop in interest rates has meant that few savings accounts and Isas are available that beat or even match inflation. Moneyfacts research reveals 351 savings accounts have been withdrawn from the market since the start of the year, with only 2,038 remaining. What is more, 191 of these were withdrawn in November 2012 alone. The research also revealed the number of savings accounts paying above Bank of England base rate of 0.5pc fell by 304 accounts from January 2012, and 162 of these have fallen since the start of November.

 

These developments are attributable to the government’s Funding for Lending scheme, which was launched in July, and is designed to reduce funding costs for banks and building societies so that they can make loans cheaper and more easily available. Sylvia Waycott, of Moneyfacts.co.uk, said: “This year, the November cold snap doesn’t just refer to the weather. The savings market is in meltdown.

 

Link: http://www.telegraph.co.uk/finance/personalfinance/savings/9741894/200-savings-accounts-pulled-from-the-market.html


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The savings account is dead and has been so for ages. Do you remember the last time you would get more than 1% on your saving account? At least before 2004. And the last time you would get more than the inflation rate? No, but ask your grandparents.

 

We live in times of financial repression and interest rates are kept artificially low to service the massive public debt.


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