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Savers hoping to see savings rates starting to improve during 2020 had their hopes dashed in March when the Bank of England cut base rate to a historic low of 0.1% in response to the economic uncertainty caused by the Coronavirus. Throughout this year, interest rates have remained low, which combined with other factors such as the introduction of a new funding for lending scheme in April, has resulted in savings rate remaining low this year.
Here, we’ve looked at what has happened to average savings rates across the different charts during 2020.
Saving rates in 2020
This year’s economic uncertainty resulted in many savers looking to put their money into easy access savings account, which would enable them to have quick access to their funds. Year-on-year, the average rate on easy access savings accounts fell by 0.42%, down from 0.61% on 1 December 2019 to just 0.19% on 1 December 2020. While this would have been a disappointment for savers, those looking to lock
Commenting following the release of the statistics, Quilter corporate affairs director, Jane Goodland, said on Friday: The positive news today that more than 60,400 savers across the UK have earned their first Help to Save bonus payment just in time for Christmas is welcome in what at present is a fairly gloomy news cycle. On the face of it these figures point to a scheme which is delivering what it set out to. The Help to Save Scheme is well-meaning and could make a big difference to those on lower incomes who want to put money away for their financial future.