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What a pound buys now, it might not buy in the future

Having your money in a savings account may be the right thing for you - particuarly if you need quick access to it. But it's also worth remembering how inflation could erode the value of money.

For example, over the last 15 years inflation has averaged 2.1%* per year. This means that if you had £1,000 in 2001 it would have been worth less than £730 in 2016.

* For illustrative purposes only. Source: Office for National Statistics, average annual CPI Inflation rate from 2001 to 2016.

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