SAVERS should watch out for banks and building societies using restrictive rules on deposit accounts that can reduce returns.
Long-suffering customers are already coping with a sharp drop in returns as interest rates plummet.There are currently only two accounts, from Virgin Money, that beat the consumer prices index (CPI) measure of inflation at 2.8%, according to Moneyfacts, the data firm. There are no accounts that beat retail prices index (RPI) inflation, currently 3.3%.
Today’s top easy access account pays just 2% compared with 3.15% a year ago and 3% three years ago.
The best-paying two-year, fixed-rate account has fallen from 3.75% three years ago, and 3.85% one year ago, to just 2.6% today.
Worse still, many providers are guilty of tripping up savers trying to