Savingschampion.co.uk

• Only two taxable accounts beat inflation for basic rate tax payers! Just 17 cash ISAs beat inflation, a fall from 138 just two months ago!

Today marks the launch of the new and improved Free Rate Tracker Tool that monitors the movements on all UK based savings accounts and proactively informs savers of changes to their account.

Lloyds banking group slashes rates by up to 1.40% in the last week alone! Too early to say if FLS working for borrowers but the impact for savers is disastrous

We’ve watched easy access account rates fall heavily over recent months, which in turn has made the humble and old fashioned notice account a new unlikely hero.

In a desperate bid to better their returns, savers may be looking to so-called alternative savings vehicles, as rates continue to fall to record lows, however savers may find themselves unprotected if the worst happens.

In relative terms savers are better off now than this time last year, although in terms of the interest you can earn today in pounds and pennies, it’s never been bleaker!

It seems that no one is safe in the current trend of rate slashing. For months providers have been cutting rates on new issues of savings accounts which has seen best easy access accounts reduce from 3.25% in the summer to just 2.50% on average now.