, Columnist
Hoarding All That Cash Is Eroding Your Wealth
In trying to protect our money, we allow inflation to destroy it.
Pass it on.
Photographer: SUSANNAH IRELAND/AFPThis article is for subscribers only.
Got cash? You might feel rather pleased with yourself. Perhaps even a little flush. You can now get well over 4% interest on an instant savings account (up from around zero two years ago). Lock your money away for six months, and 5.3% is easy to come by. Go for a two-year fix and you can have 6%.
That might even go up: The UK’s Financial Conduct Authority has told our foot-dragging banks that they are not putting up savings rates fast enough and that progress must “accelerate.” Wonderful isn’t it?