March 30, 2009
Credit Crunch Impacts 3m Savings Accounts
Property Investmant as an alternative?
The credit crunch is not just impacting upon the UK property market according to recent reports. Savings accounts are beginning to feel the pinch too, but not in the way you think.
Discussing the gradual reduction in savings options since the Bank of England's 0.5% interest rate cut, the Sunday Mirror produced a further startling revelation in their report: the news that over 3 million people are currently being prevented from opening a savings account.
Continuing in their analysis, the Sunday Mirror explained how High Street Banks are now resorting to denying individuals access to basic banking options based purely on their ability to contribute to their savings account.
Those deemed as not having 'enough money' are being classified as 'high risk' cases, and are therefore being refused the opportunity to set up a new savings accounts. A situation that has led to more and more people searching for other means of securing their finances.
What are the alternatives? Property investment and Buy To Let may just be a good idea again 
