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This is Money Podcast

What's the point in saving when inflation is so high?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1650 Ratings

🗓️ 29 April 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

Is there any point trying to save when inflation is so high?

Interest rates are rising and savers can now get a far better return than a year ago, but compare those rates to inflation and they are losing even more money.

So why bother? That's the question that Georgie Frost and Simon Lambert tackle on this week's podcast.

From what the best rates are and where you can get them, to why you should avoid what Simon calls your bank or building society's 'insult account' – with a special mention for Nationwide - and how to turn a savings habit into an investing one that should hopefully get you a better return, the podcast team talk all things saving.

Also on the agenda is the best places to start investing a small amount and why that has got so much easier in recent years.

Simon shares a bit of behind the scenes knowledge on investing platforms and why they are pushing so hard for new investors – and gives some tips on getting started the easy way.

But not everyone will be feeling like they have money to stash away right now: the cost of living crisis is seeing people cut back, the ONS, revealed this week – and that's before most bills spiked.

Where are they cutting back and is there anything we can do to help them? (Bonkers two-year MOT ideas excluded).

And finally, just when you thought printing at home couldn't get any worse, printer firms came up with a way to make it better… and then made it worse.

Transcript

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0:00.0

Welcome to This Is Money Podcast. I'm Georgie Frost and joining me today is editor Simon Lambert.

0:04.8

And coming up, saving rates are finally on the up. But with inflation at 7% and rising, is there any point bothering?

0:11.6

Simon says it's time to ditch your insult account and we give you some ideas on the best and cheapest way to invest 100 quid a month.

0:18.8

Also today, heating or eating, Netflix or Disney Plus,

0:21.9

how people are cutting back in this cost of living crisis,

0:25.0

and the monthly printer ink deals from HP that come with a very big catch.

0:29.4

Don't forget you to step to date with all the latest breaking money news,

0:32.0

just go to this ismoney.co.uk or download the app.

0:36.2

E. Toro is a social network. No, E. Toro is a social network.

0:38.2

No, E. Toro is an investment platform.

0:42.7

It's both.

0:44.2

That's social investing.

0:46.2

In other words, it's where millions of people invest in stocks, share ideas, strategies and beyond.

0:53.6

E. Toro, the power of social investing.

0:58.8

Download E. Toro today from the App Store or Google Play. Your capital is at risk.

1:05.6

But first, not everything that is going up at the moment is bad. Better news for savers as one-year fixed

1:12.1

deals hit the highest levels seen for three years. Those prepared to lock their cash away

1:15.9

for 12 months can now secure a rate more than three times what you could have got last year.

1:21.6

But, and there's always a but, with inflation at 7% and expected to keep on rising, your

1:27.1

savings pot is being eroded.

1:29.1

So is there any point anymore?

1:31.4

Firstly, Simon, welcome.

...

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