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What we stand for
Save Our Savers believes that the social and economic importance of saving must be at the core of Government policy. We must dispel the myth that saving is a drag on the economy and campaign for savers to be supported and rewarded for saving, not penalised for saving as they so often are.
Save Our Savers campaigns against:
- Devaluation of savings through inflation
- Artificially low interest rates
- Unfair legislation and taxation
- Exploitative financial practices
We need a massive shift in Government attitude and policy. There are five practical steps the Government should take to provide a fairer deal for savers.
Savings interest is taxed at a person’s highest rate of income tax which means, that after inflation is taken into account, most savers are being taxed on a loss. Read more
The 10% starting rate tax for low income savers is ineffective and fails to reach almost 3 million people who are entitled to it. Read more
We urge the Government to scrap basic rate income tax on all savings income.
Hundreds of billions of pounds of savings are unintentionally left deadbeat savings accounts paying next to no interest. Partly this is because savers find it difficult to check how much interest their savings are earning.
Banks and building societies must STATE THE RATE of interest they are paying each time they communicate with you about your savings account. This should apply whether you are checking your balance by phone, on-line, on your annual statement or on your annual tax certificate.Read more
Savings are essential for a thriving economy
Yet all British Governments in living memory have favoured borrowers ahead of savers. Despite the clear economic and social benefits of a thriving savings culture – and despite often claiming to want to encourage savers – successive governments have in reality obstructed, neglected and, at times, directly attacked the interests of responsible savers.
There is a clear bias against savers in this Government’s economic policies, in the tax system, the benefits system and in the way our financial institutions operate.
Savers are ordinary people who have made financial sacrifices to prepare for the future. Government should support such behaviour, not penalise it.
The vast majority of savers are not rich but save by deliberately living within their budget. They cut down on luxuries. They will manage without. They are striving for security and self-reliance focusing on the long term rather than the short.
You may be saving to meet household bills, unexpected emergencies, the cost of Christmas, a holiday, a car, a university education, a house or for your old age. whatever the reason you are demonstrating what government and politicians only ever pay lip service to, a commitment and responsibility to the future.
It is the readiness to forego what they could have now in order to strive for a better future that puts savers at odds with an establishment whose survival is dependent on facilitating short-term gains for itself and its supporters.
The finance industry, the guardian of our savings, has much to answer for. There is widespread resistance to full disclosure of all fees and charges and their impact on investments. Banks and building societies have become predatory in their treatment of savers, so that maintaining your savings in a simple deposit account with a reasonable rate of interest is no longer straightforward.
If we are to rebuild a thriving, balanced economy then saving must be respected, encouraged and supported. Save Our Savers is committed to supporting savers and promoting the ethics of saving. We will highlight issues that affect saving and campaign for the changes needed to bring government policy and decision making more closely in line with the needs of savers.