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Income from UK savings accounts dropped 16% in a year, new research shows

 

 
According to new research, the income of bank depositors in the UK due to bank accounts fell by 16 percent per year due to low interest rates from banks and construction societies.

According to easyMoney, the investment platform launched by the founder of easyJet, Stelios Haji-Ioann, the decline in savings income in real terms is deteriorating due to rising inflation.

The decrease in income is based on figures from the 2015/2016 fiscal year (the latest available data from HMRC), when depositors made 5.7 billion pounds, compared with 6.8 billion pounds in 2014-2015.

At the end of the 2014/2015 fiscal year, inflation was -0.1%; By January of this year, it had grown to 3 percent.

With the help of depositors who are less likely to benefit from writing off their money in bank accounts and ISA funds, easyMoney says that people are increasingly turning to alternatives, and many are inclined to "show reasonable risk growth."

Andrew de Candole, CEO of easyMoney, said: "The custodians are getting more and more bored, seeing that their money is just sitting, doing nothing on bank accounts.

"It's easy to understand why: these figures show that savings accounts and ISA cash are deteriorating. With the fact that inflation departs from values, in reality there are very few incentives to preserve these traditional routes.

"It's time for many people to take action. Investors need products that offer real profits, and many of them are willing to accept a reasonable, calculated increase in risk to achieve this. "




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