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Wake up: you are losing out on your money
London, 18th July, 2007: Apparently, one out of every six immediate access
individual savings account is not benefiting the customer because the
interest rate is way below the level of retail price index or RPI inflation.
In most cases, UK citizens take on sub-inflation accounts for a chance
to save up on taxes. However, in reality, the sub-inflationary rates cancel
out any tax benefits in holding individual savings account because savers
are losing money in real terms.
In another related report, Sainsbury Bank claims that hundreds of Britishers
are losing out on millions of pounds due to their decision to leave their
money in low-interest accounts.
