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top-rate taxpayers face negative return on savings
Published: 22/02/2009 |
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Sunday Herald ( The official rate of inflation dropped from 3.1% in December to 3.0% in January, but savers are still struggling to find an account that pays enough interest to preserve the spending power of their money. A basic-rate taxpayer now needs an account that pays a gross interest rate of 3.75% to beat tax and inflation. A top-rate taxpayer would have to find an account offering at least 5%. But the average rate on variable-rate savings accounts with a £500 balance is a paltry 1%. The typical cash Isa rate, including variable and fixed deals with a £3600 balance, is just 1.63%, according to Moneynet.co.uk. |
