Living in Crete :: NS&I Cut Deposit Interest Rate

As if the value of the Pound Sterling versus the Euro was miserable enough these days, National Savings and Investments (NS&I) from January 25, 2012 have dropped the interest rate on Direct Savings deposits in Sterling from 1.75% gross/AER to 1.50% gross/AER.

The NS&I move is just another blow for those Brit ex-pats living in Greece who live off a fixed retirement income. Faced with local cost of living rises on basic food items, it is understandable that a number of Brits across Greece have decided to upsticks and move back to the UK where they can claim benefits that the Greek welfare system is cutting back on, they were not eligible for, in the first place.

For the latest news on cost of living in Crete please visit the Brits in Crete Forum.  Join in the discussions there with any advice you may have on how to stretch spending when the £ versus € exchange rate is so low.