The Times reported this weekend that over 100 savings accounts have been withdrawn since the Bank of England cut its Base Rate in August, bringing the number of available products to its lowest since 2007.
Many savers are choosing to look for other ways to make their money work for them – one of which is by overpaying on their mortgage. Experts agreed that paying extra each month will help to reduce the debt itself and put a borrower in a better position if rates do rise in the future.
Elsewhere, the Sunday Telegraph took an interesting look at the differences in personal finance across the generations, suggesting that, despite the challenges faced by young people today, the outlook is positive.
Those looking to buy their first home for example, will find much lower borrowing costs than First Time Buyers in 1990 – when rates hit 15.4% and many were paying as much as 17%. This means that although property prices have increased significantly over the years, lower interest rates and higher disposable incomes mean that home ownership is still a realistic prospect.
What the papers said about savers and milennials