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savers seek real returns as inflation rises sharply
Published: 21/11/2009 |
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The Daily Telegraph (Your Money) Four-in-five savings accounts are now effectively losing money because the rate of interest they pay after tax does not even beat inflation. According to Moneynet.co.uk, the personal finance website, the new rate of inflation means that basic-rate taxpayers need a rate of 1.875% on their savings before they begin to see a real return, while higher tax payers need to earn 2.5%.
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