Covid-19 pandemic pushes traditional savers to consider other options but there are golden rules
It has been a miserable time to be a saver – interest rates, which were already poor, have fallen further since the Bank of England cut its rate to a record low. At the same time, workers lucky enough to have kept their jobs during the coronavirus pandemic have saved thousands of pounds – and now they are looking at where to put it. Total retail bank deposits in the UK have jumped by £78bn since the start of the Covid-19 crisis.
Perhaps it is no wonder that online trading in shares by small investors has taken off in recent weeks, with evidence of working-from-home employees dabbling in the markets on the side.