News

Savers got some good news this week, with the CPI (Consumer Price Index) figures showing that inflation during August had fallen to 1.7%, meaning that more savings accounts are now offering rates that match or beat inflation. In fact, research by Moneyfacts.co.uk published this week, found that 176 fixed rate bonds (based on a £10,000 deposit) could match or beat inflation. However, for savers wanting to get an inflation-beating rate, they still have to lock their money away, as currently no easy access savings accounts are able to match or beat inflation.

The number of British consumers who are struggling with debt is growing, as a record number of people contacted StepChange for help with their debts in the first six months of 2019, the debt charity has revealed.

According to StepChange, 331,337 people contacted the charity seeking help for their debt and of these, 190,484 were new StepChange clients who received full debt advice. As well as this, the charity revealed that the average level of unsecured personal debt is growing, with the average at £13,799, which is a 2% increase in the past six months and a 6% rise since 2016.

With Wednesday's CPI (Consumer Price Index) figures showing that inflation has fallen to 1.7% during August – its lowest level for nearly three years – we take a look at how this impacts consumers’ finances.

Charter Savings Bank has withdrawn a number of its highly competitive saving accounts today, including its chart-topping 5 Year Fixed Rate Cash ISA, but fortunately for savers, there are a number of accounts that offer the same or higher rates.

The accounts that have been withdrawn by Charter Savings Bank are:

• 95 Day Notice – Issue 25, which had a rate of 1.81%
• 5 Year Fixed Rate Bond, which had a rate of 2.25%
• 5 Year Fixed Rate Postal Bond, which had a rate of 2.25%
• Easy Access Cash ISA – Issue 12, which had a rate of 1.44%
• 5 Year Fixed Rate Cash ISA, which had a rate of 2.00%.

Here are the accounts that can match or beat the rates offered by the withdrawn accounts