Inflation Eating Away at Your Savings Bank Account?

What is the best Bank Account for high tax rate payers?

The previous few years have been incredibly difficult for savers experiencing equally the reduced interest level conditions as well as the ever growing living costs.
The most recent numbers through the Bank of England reveal that the yearly rate of the cost of living has become at an excruciating 4.4%.

As a result, basically to defeat the cost of living and keep the existing valuation on their retirement savings, standard rate taxpayers require a bank account paying out at the very least 5.51%, whilst greater rate taxpayers need to bring in an enormous 7.34%.

Whilst you might not be in a position to defeat the cost of living by having an quick access account, there are many other savings accounts accessible which often can do this and have a great rate!

The very best typical saver account right now is through HSBC and will pay a set rate of 8.00% – sufficient to get over the 7.34% required by larger rate taxpayers – for the 12-month term.