Martin Lewis issues urgent warning to anyone with money in a savings account

Linda Howard

24 June 2024 at 11:06 am·2-min read

Martin Lewis is encouraging millions of individuals with savings or cash in an ISA account to check their interest rates, as they could be missing out on higher returns. The consumer champion warned that any savings rate below 4 percent is earning "diddly squat" and now is the ideal time for some "savings self-care".

In the latest edition of the MoneySavingExpert.com (MSE.com) newsletter, the financial expert shared a guide on ensuring your hard-earned money in a savings account is yielding the best return rate. Most of the interest rates in the checklist offer 5 per cent or more, and there's also the 'Help to Save' account, which offers those on Universal Credit and Tax Credits an "unbeatable '' 50 per cent bonus after two years.

Martin wrote: "There's a pack of recent 5 percent to 7 percent paying, outlier savings; easy access, cash ISAs, LISAs and more, all smashing the opposition.

"So many can easily, hugely increase their interest!"

He continued: "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. ", reports the Daily Record.

He added that more providers are now 'bucking the trend' and launching higher rates.

Anyone concerned about transferring their savings to another account should note that all UK institutions offer the same £85,000 per person savings safety protection. So, if you're saving less than this, as long as it's UK-regulated, your money is safe.

You can find full details of all the top savings rates on MSE.com here.

Martin Lewis' top savings picks

Nationwide is also offering existing customers a 5.5% rate on fixed savings.

The Santander Edge account offers existing customers (and those who switch to it) an impressive 7 per cent rate on up to £4,000 in its easy-access savings account.

The MSE.com team updates the latest savings rates for all types of accounts daily. You can read the latest updates here.

The Office for National Statistics (ONS) announced on Wednesday that the Consumer Price Index (CPI) fell to 2.0% during May - down from 2.3% in April.

Moneyfactscompare.co.uk is also encouraging savers to check their rate to ensure they are getting a return that beats inflation.

It stated that there are currently 1,622 savings accounts that beat inflation - 277 easy access, 160 notice accounts, 210 variable rate ISAs, 311 fixed rate ISAs and 664 fixed rate bonds.

For all the latest news, visit the Belfast Live homepage here and sign up to our daily newsletter here

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