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&#39Low interest losing savers £1,000 a year&#39

IFA Chase de Vere says the averageUK household is losing out on nearly

£1,000 each year by investing in low-interest accounts.

It says top savings accounts pay over7 per cent a year while the average

account offers only 2.9 per cent.

The company reveals the loss of interest in its new Savers Guide which

points out potential pitfalls to investors andgives tax-saving tips.

The guide suggests competitive products to earn more interest and explains

some of the technical jargon that investors might not understand.

It covers areas including building society and bank accounts, mini cash

Isas, advice on what to do with Tessas when they mature, National Savings

and guaranteed income bonds.

Moneyline manager Janine Starks says: “Savers in the UK are

allowingbillions of pounds to slip betweentheir fingers by failing to keep

up withthe differentials in rates being paid. It is clear that millions of

people are failingto make their savings work as hard for them as they

could.”

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