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Britain is in a savings crisis…


On the 4th of August the Bank of England cut interest rates to a new record low of 0.25%.

While this is great news for borrowers, this cut is looking to be very bad news for savers. Market leader Santander has already halved the interest rates on their popular 123 account from 3% to 1.5%, and Lloyds banking group have stated that they will ‘review’ it’s current accounts. Banks such as Natwest and RBS have threatened that they may impose negative rates on business accounts, meaning businesses will be charged to deposit into their accounts. With the current economic climate, these banks are not expected to be the only ones introducing such changes.

So what are the options for those with cash savings? Tune in to Money Talk on Channel Radio this Friday the 19th of August to hear Simon‘s tips for making money out of your cash.

Do you have a question you would like to put to one of our presenters? Or an experience you’d like to share? Contact the show here, or on Twitter or Facebook ahead of time or on the day

Need advice on investments, pensions, or equity release? Facts & Figures have a fantastic team of Independent Financial Advisers who would love to hear from you.