Cash Chats UK Money & Personal Finance podcast 484 | Why you shouldn't get a 7.5% savings account & more
Sep 2, 2025
Discover why a seemingly attractive 7.5% savings account might not be the best choice for your finances. Get the lowdown on energy price cap updates that could impact your budget. Explore the latest credit card offers from leading banks, helping you maximize rewards and savings. Plus, learn how to navigate the mortgage market effectively, ensuring you secure the best deals. Tune in for essential insights and practical advice that can enhance your money management skills!
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Check Savings Rates After Base-Rate Cut
- Check your current savings rates now because Bank Rate cuts and bonus expiries may have reduced returns below inflation.
- Move money to accounts paying above current inflation (around 4%) to avoid losing purchasing power.
Earning Less Than Inflation Equals Real Loss
- Inflation is near 3.8% and may rise toward 4%, so many accounts now offer real negative returns.
- Earning less than inflation means you lose money in real terms even if the nominal rate is positive.
Avoid Blue Rewards For Rainy Day Saver
- Don’t keep Barclays Blue Rewards solely for the Rainy Day Saver if you pay £5 monthly in fees.
- Cancel Blue Rewards and choose a better savings account unless the fee is fully justified by other benefits.