National Saving cuts interest rates and adds another nail to the coffin of UK saving products

18th February 2020

It has today been announced that National Saving has slashed its interest rates and Premium Bond prizes dealing yet another blow to the nation's savers who have already suffered due to continuously low interest rates.

Founder and MD of Sourced Capital , Stephen Moss, commented:"Yet another blow for those trying their best to accumulate any kind of savings pot and perhaps the final nail in the coffin for the vast array of savings based products available to the consumer, as more and more are opting to move away from these traditional options due to the pitiful returns they now provide.

While extremely low interest rates are all well and good when it comes to stimulating spending to boost the economy, they have created a very tough landscape for those that are unable to tuck away enough money to spend in the first place.

The Bank of England must do something to encourage more people to accumulate a stable financial foundation for their future and while we certainly don't want a return to the double-digit rates of the eighties and early nineties, many will be hoping for a boost via an increase in interest rates in next month's budget."