Valentine's Day is almost upon us, and with it comes the pressure of demonstrating just how much that special someone means. But, it isn't always that easy – or financially viable.
Without intending to burst any romantic bubbles, Moneyfacts has discovered that the price of true love may be out of reach for anyone who thought they could use the interest gained on their savings to fund their affairs of the heart.
By analysing the average interest paid on the most popular savings vehicles, including easy access accounts, ISAs and fixed rate bonds, it is clear to see that winning someone's devotion will have to be a 'long game' rather than an impulsive act of love.
Let's say you had £10,000 in an easy access account. Currently, the average rate paid across the easy access sector is just 0.66%, which means it'll take you a long time to afford those romantic treats if you were hoping to rely on interest alone.
Sadly, the figures show that it would take someone using the interest paid on that savings pot over 22 years to buy a £1,500 engagement ring, the most expensive item on our lovers' list. It isn't just pricey items that will be hard to come by, either, as it would take a disappointing two weeks to save for just a £2.50 Valentine's card.
Take a look at the table below for a run-down of typical Valentine's Day costs – and how long it would take you to pay for them using savings interest:
Sylvia Waycot, editor at Moneyfacts.co.uk, said:
"There's a serious message in this latest research, as it clearly shows that the interest paid on savings accounts is not anywhere near enough to supplement anyone's income. For those who are reliant on savings income, there are no easy answers.
"However, those looking to treat their loved ones this Valentine's Day may consider using a 0% purchase credit card instead, which allows them to spread the cost over several months without interest.
"Alternatively, if your beloved is miserable this Valentine's Day, have a heart – it may not be their fault. Savers are just not going to become spenders until rates start to go up."
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