MoneyVista helps savers beat inflation

Three quarters (76%) of the UK's 3,345 savings accounts pay less than the rate of inflation according to Moneyfacts.

Savings Watch from MoneyVista is a new service which keeps track of the interest rates your savings accounts are earning, giving you a better chance of keeping up with inflation.

Savers who earn less than 3% after tax (CPI annual inflation April 2012) are losing money in real terms by keeping their savings ‘safe' in the bank. The analysis shows:

916 savings accounts pay 0.5% or less
1155 savings accounts pay 1% or less
1656 savings account pay 2% or less
2556 savings accounts pay 3% or less

Teresa Fritz, Consumer Finance Expert, at MoneyVista said, "Banks and building societies entice you in with seductive headline rates. But these often include bonuses which fall away after a few months, leaving you earning a pitiful rate of interest on your savings. 

"Unfortunately this means it's not just enough to shop around for a best rate account when you open a savings account. You have to keep track of the rate you're getting and be ready to switch if you want to make sure your savings aren't eaten away by inflation."

The MoneyVista service is designed to help. It monitors all savings account providers across the market, and alerts you when your savings rate falls and shows you how much extra interest you could earn by switching. You can also use the service to search the savings market for the best accounts currently available.

Savings Watch also lets you know when your introductory bonus or your fixed rate is coming to an end.  It sends an alert one month before your rate is due to end to remind you to start looking for a new home for your savings.  Again, you can use it to help choose the best account for your savings.

For more information, visit moneyvista.com.