Money Box Live: Are Savers Getting a Good Deal?

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 6 March 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are savers getting a good return on their cash?

Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn.

But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data.

And £250bn is in accounts that are paying no interest at all.

So are banks doing enough? UK finance which speaks on their behalf, says many of its members have been contacting their customers to let them know about different savings accounts that are available.

As always we've got the experts to answer your savings questions - including where to start as well as some of the many emails you've sent us about when and how to pay tax on your money.

Joining Felicity Hannah is Anna Bowes founder of savingschampion.co.uk, banking analyst Frances Coppola and Chris Gray, independent financial advisor with Forester Boyd Wealth management.

(This episode was first broadcast on Wednesday the 7th of February 2024).

Transcript

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0:00.0	On a winter's night in 1974, a crime took place that would obsess the nation.
0:07.0	It was an extraordinary news story.
0:09.0	The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny,
0:14.0	mistaking her for his wife, then somehow just disappeared.
0:18.0	One of the great mysteries in English criminal history. We're still looking for Lucan.
0:21.6	It's honestly one of the most powerful stories of my lifetime.
0:25.6	I'm Alex von Tundselman.
0:27.6	This is The Lucan Obsession.
0:29.6	Listen on BBC Sounds.
0:32.6	BBC Sounds, music, radio, podcasts.
0:36.6	Hello, are your savings supercharged or super low interest? Is your money working hard or is it
0:43.5	hardly working? Today on the Moneybox Live podcast, we're asking if you're definitely getting a good
0:49.2	return on your cash because plenty of you are not. More than a trillion pounds, which is a lot of zeros,
0:57.6	is sitting in accounts earning around 2% interest. That's according to the Bank of England's
1:02.4	figures, even though base rate is so much higher. Before we hear from today's experts and take
1:08.5	any calls, I've been out in the wet in Warrington
1:11.3	to ask people about what savings they have for a rainy day.
1:15.7	A rainy day fund?
1:16.9	Yes.
1:17.4	Clothes, holiday clothes.
1:19.7	Because I'm going away next week.
1:21.5	So, yeah, get away from this.
	...

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