Hundreds of thousands of savers who opened best-buy accounts over the past two years are now earning well below the current top-paying rates, a MoneySavingExpert.com investigation shows.
Stock markets suffered further turmoil today after Asian equities tumbled overnight amid renewed concerns over Europe and fears for global economic recovery.
Consumers who switch to the Halifax Reward current account can earn an initial £50 bonus and get paid £5 a month, if they transfer via price comparison site Moneysupermarket.com.
Inflation is at a 19-year high meaning virtually every savings account would fail to keep pace with the cost of living were prices to continue rising at this rate.
The Bank of England should hike interest rates in the second half of 2010 and lift borrowing costs to 3.5% by the end of 2011 to control rising inflation, an economic report says today.
26 May 2010
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