Money Box Live

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The latest news from the world of personal finance plus advice for those trying to make the most of their money.

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Money Box: Money Box Live: Are Savers Getting a Good Deal?

Money Box Live: Are Savers Getting a Good Deal?

BBC Radio 4 - Money Box, Money Box Live: Are Savers Getting a Good Deal?

Is the money you've set aside working hard or hardly working?

Felicity Hannah talks savings from ISAs to the tax you could end up paying.

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).

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Money Box Live: Are Savers Getting a Good Deal?

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