The return on savings dived to a record low last month as figures showed deposit accounts pay average interest of less than 1 per cent. Figures from the Bank of England revealed that the interest paid on notice accounts, tax-free Individual Savings Accounts (Isas) and bonds last month was the lowest since records began in 1995.And the average return on instant access accounts was just 0.81 per cent, it said.It is the latest evidence of how savings rates have fallen drastically following consecutive cuts in the Bank rate.It comes as The Daily Telegraph campaigns for savers, particularly pensioners, to be offered tax cuts on the income they earn on their savings.
Figures from the Bank of England revealed that the interest paid on notice accounts, tax-free Individual Savings Accounts (Isas) and bonds last month was the lowest since records began in 1995.
And the average return on instant access accounts was just 0.81 per cent, it said.
It is the latest evidence of how savings rates have fallen drastically following consecutive cuts in the Bank rate.
It comes as The Daily Telegraph campaigns for savers, particularly pensioners, to be offered tax cuts on the income they earn on their savings.
