Only 1 Savings Account out of 800 Beats 2.3% Inflation

Inflation hit 2.3% last month, surpassing the central bank's 2% target for the first time in more than three years. Now, only one saving account can match CPI

Karen Kwok 21 March, 2017 | 2:26PM

Inflation accelerated to 2.3% in February, from 1.8% the previous month, surpassing the Bank of England’s 2% target for the first time in more than three years. This means that only one savings account can better the latest inflation level, data provided by Moneyfacts.co.uk and Savingschampion.co.uk shows.

Of the 793 savings accounts currently on the market, just one five-year fixed rate cash bond from Milestone Savings can meet the 2.3% inflation level. This product requires a minimum deposit of £10,000 and there is no access allowed within the five-year fixed term.

Weak Sterling Pushes Inflation Higher

Rising fuel and food prices contributed to the rise of inflation in February, the Office of National Statistics said.

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About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk

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