Get more bang for your buck
With savers set to pay even more tax on the interest they earn on deposits from January 1, getting a real return on cash looks set to become increasingly more difficult in the year ahead, writes Emma Kennedy.
The recent budget announced that deposit interest retention tax (Dirt) will jump to 41 per cent in 2014, meaning that the value of savings will be eroded.
Achieving a real return is made even more challenging by the current low interest rate environment, with savers often struggling to beat inflation. The European Central Bank recently cut European interest rates to 0.25 per cent, a historic low, and savers are likely to be hit by the rate reduction....
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