Savers are turning to gold as a trusted and efficient way to save and to suit their plans for the future. Let’s see why the precious metal is a good option that compares well with savings rates at the bank.

 Why a Gold Savings Account is Better Than Banking on Interest Rates

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Is the United Kingdom a nation of spenders or savers? 

The country’s media likes to regularly examine this theme and it also dominates the mindset of the UK population.

During the Covid-19 pandemic the budgets of British households were boosted by state-sanctioned support, such as the government’s furlough scheme which protected salaries while the country locked down.

Many people piled up savings. In fact, national statistics body the ONS’ data shows that 

 of total income was allocated to savings.

Since then, though, the UK has suffered from 

 - the “cost-of-living crisis” that mirrored steeply rising prices in other parts of the world, not least the Eurozone and the United States. The pandemic and a big increase in energy costs owing to the war in Ukraine are largely responsible.

One glance at the data below - the annualized UK inflation rate since 2010 - reveals the recent record-high rate that has squeezed household budgets so badly. Inflation figures for the past two years have remained more than double the next highest rate, which was recorded in 2011 after the previous global financial crash:

Annualized inflation in the UK since 2010

When inflation is stubbornly high and prices inevitably increase as a result, people’s 

. This is because the return on savings cannot keep pace with general price rises.

Take this as an example. If you saved up to buy a second-hand car that would have been worth £8,000 in 2023, but is today valued at £8,800, your savings won’t stretch as far - because the car now costs more.

What’s more, UK savers who put most of their spare cash into savings accounts at their bank do not feel they have been rewarded by financial services institutions. When inflation rates are high, the base interest rate is often raised too - to prevent the economy ‘

And that has been the case in the UK. Several rate rises commissioned by the Bank of England, the country’s central bank, saw the base interest rate reach 5.25%. Usually, banks are expected to boost savings account rates too, ‘

’ the increase to consumers - considered a ‘fair’, rather than regulated, approach. But this has so far not happened to the extent that was predicted, meaning 

 well behind both the base interest rate and the inflation rate. The graph below reveals the full picture:

Annualized inflation vs. effective interest rates of site deposits

The consequence? Inflation is eating away at savings accounts, not just our daily budgets. If your savings interest rate does not at least match the rate of inflation, your 

How saving with gold stacks up against bank schemes

gold bars and coins in a safe

Anyone waiting around for banks to offer better rates could have gained instead by choosing alternative options. And none is better than a 

Because with gold, your savings aren’t just protected. They can be significantly boosted beyond what you might expect if you have a savings account in a bank or building society.

As of July 2024 UK interest rates languished at less than 5% across savings products and account options. As such, the country has run far behind - for instance - European countries with far higher savings rates: such as 18.4% in Germany and 11.1% in Switzerland.

Now compare that with returns for saving with gold. With

 recorded during 2024 the precious metal regularly offers better returns that are significantly higher than inflation rates, as this illustration proves:

Inflation vs gold investment since 2010

According to number-crunching by the World Gold Council based on data collected since 1971, 

. The UK’s highest-ever inflation rate of 11.1% was recorded in October 2022: and that figure itself is unusually very high for the country.

An investor sitting on a stack of gold bars

Still not convinced? Here are three other key reasons to save with gold:

The primary advantages of a gold savings scheme are its affordability and flexibility. When you invest in gold you don’t tie yourself to the financial commitment of a big lump-sum payment. In addition, a systematic investment in the precious yellow metal is ideal for topping up savings to help achieve your dreams - whether you’re planning a big wedding, want to go on the holiday of a lifetime, or prefer to raise funds for your

In these tough economic times dictated by high inflation gold is a wise investment.

That’s because it’s largely protected: when the value of fiat currencies drops as prices rise, the price of gold only tends to increase. Gold’s scarcity contributes to its value - making it an effective shield for your savings against inflation’s wider effects.

If you’re a seasoned investor you may have already created an investment portfolio. Commonly this would involve assets such as property, bonds, pensions and other financial products. But gold is definitely worth considering as a

. In other words, adding gold savings to your portfolio as a way to protect your money can help reduce overall risk across your investments - because it’s seen as such a safe bet.

pamp gold bars

With so much to gain from taking advantage of a gold savings scheme why would you wait to find out more?

. It runs asset protection on autopilot, with recurring gold purchases to boost your savings over time. Only an occasional check-in is needed to reveal how far your investment has grown.

And if you’re wondering about GOLD AVENUE’s investment product range, find out more about the high-quality

But if you’d still like to read more about how gold savings stack up against more traditional savings methods, check out our 5-minute read 

The final word? Don’t put off saving and risk getting caught out by a rainy day: 

 and join the legion of people who invest in the precious metal.

A look at the strong changes in demand in the gold sector y-o-y.

A Shift in Gold Demand Trends

Good thing central banks can't print gold. 😉

21.9% Annual Inflation... and Counting

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