SAVERS SEEN WORST FALLS SINCE 2009

THE past six months have been the worst first half of the year for savers in more than a decade, according to a financial information website.

Between January and June, savings accounts have endured the most severe falls of any first half since 2009, Moneyfacts.co.uk found.

Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “The falls are the largest we have seen since 2009, after the financial crash.

“This demonstrates how much the market has been impacted by the coronavirus pandemic and (Bank of England) base rate cuts.”

Moneyfacts found, for example, that the average rate offered on an easy access savings account fell by 0.29% between January and June – from 0.59% to 0.30%.

Ms Springall continued: “It is imperative that savers act quickly to acquire the top rates on the market, regardless of which type of savings account they choose, as there seems no end to the downward trend.”