Martin Lewis issues savings account warning affecting 'easy access and ISAs'

James Rodger

19 June 2024 at 0:59 pm·2-min read

Martin Lewis has shared a savings account warning to people with cash ISAs, easy access and LISA accounts. The BBC Sounds and ITV star spoke out in the latest weekly bulletin and newsletter from his consumer group Money Saving Expert.

"Seven savings accounts every saver needs know about. There's a pack of recent 5% to 7% paying, outlier savings; easy access, cash ISAs, LISAs & more, all smashing the opposition. So many can easily, hugely increase their interest," Mr Lewis said on Twitter/X alongside a link to the MSE newsletter.

In reply, a fan said: "Add Bitcoin to the list of those savings accounts everyone should study. Allocate according to the % chance you think it will continue to succeed or fail. Sceptic = 99% it will fail = so allocate 1%."

"Only 6.78% at the moment on the Santander Edge - still decent though," another said. In the latest Money Saving Expert newsletter, Mr Lewis typed: ""Boosting interest is usually simple: take your money out of a pee-poor interest account, then put it somewhere that pays more.

"Yet millions leave money earning diddly squat (check your savings, if it's under 4%, that's you). So it's time for some savings self-care. Recently a spate of providers have bucked the trend and launched top payers - we've told you about some, but I wanted to bring 'em together as the magnificent magnifyeverycent seven (feel free to groan)."

Mr Lewis went on to discuss the top 5.2% variable easy-access cash ISA which "beats even normal savings". MSE also explained how you can earn "an unbeatable 50% boost on your savings if you're on Universal Credit or Tax Credits" and get "5.1% variable easy-access savings on up to £1million (plus perks).

It also told Nationwide customers tjeu may be able to get an unbeatable 5.5% fixed savings and shared how first-time buyers can get a 5% interest Lifetime ISA, on top of up to £1,000/yr state boost. If you are saving over £10,000, you can get a £100 bonus (can be equiv 1% boost) on near best-buy savings, too.

A year's 7% easy-access savings up to £4,000 is also available for Santander Edge customers.

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