Regular Savings Rate Checking Can Reap a Reward

By:  16/11/2012
Keywords: Debt consolidation, debt management

Reports say that one out of six Brits fail to check their savings rate. Figures show recent fall in Consumer price index to 2.4 percent. It shows that majority of people have used their savings account to manage with inflation in recession period. Debt experts have suggested from money savers to check their rates in order to avoid missing out best available deals at present time.

Leading debt consolidation company has arranged a survey on this issue to check whether people are regularly checking their savings rate or not but it has been found that one out of six avoid or fails to check their savings rate. The data shows that 16 percent of people are not checking savings rate on regular basis. Majority of group have accepted that then mean to check the rate but keep forgetting always. One out of ten from polling group has said that they don’t save at the moment. It has been noted that majority of savers are using saved amount as 21 percent or one out of fifth just to manage their expenses. People were also managing money requirements through loans like logbook loans or personal loans and after that get debt consolidation loans to consolidate that loan. More likely, 24 percent of people check the rate after expiry date.

Inflation rate is now beaten up by eleven easy accessing saving accounts. Since November 2009, it is first time when saving accounts contributed to beat the effects of inflation. ING saving account can be included in this prospect as it offers 3.24 percent savings rate. Someone who saves £10000 will earn £324.00 as interest on the amount. In general people receive only £21 with an average rate of 0.21 percent.

Debt experts have expressed their views on such accounts. An expert advisor has told that any UK taxpayer who have used 2012/13 ISA allowance may go ahead to make savings.

Keywords: Debt consolidation, debt management



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