Martin Lewis issues new warning to people with money in a savings account to check it now

Linda Howard

23 May 2024 at 8:01 am·2-min read

Martin Lewis is urging millions of people with money in a savings or cash ISA account to check it now as they could be missing out on higher interest rates. The consumer champion warned that any savings rate below 4 per cent “isn’t enough”.

Writing in the latest edition of the weekly MoneySavingExpert.com (MSE.com) newsletter, Martin explained that “big-name” banks and building societies are now offering 5 per cent savings rates, and urged everyone to “ditch and switch to ip the rate”.

The financial guru explained that a lot of people are reluctant to move their money to a bank they either don’t do their daily business with, or are not familiar with the brand. However, Martin clarified how “saving is all about risk-free money” and which firm stores your hard-earned cash shouldn’t be the driving factor, rather how much it earns while sitting in a virtual vault.

Martin wrote: “I'm often met with reticence by some to switch savings even if they can earn far more. They tell me 'I'll just stick with my bank, I know it's safe'. I understand the impulse, after all saving is all about risk-free money.

“So today I want to show that even if you aren't comfortable with 'I've never heard of em' firms, many can still massively boost what they earn using big-name top savings. Check your savings rates today, owt below 4% isn't enough.”

He also said that unless you're locked into a fixed savings account, all you need to do is find a better rate on offer, open a new account and move your money.

And for anyone worried about moving their hard-earned cash, he added: “All UK institutions have the same £85,000 per person savings safety protection, so if you're putting away less, as long as it's UK-regulated, you're protected.”

Martin and the MSE.com team have compiled a list of the top savings rates accounts with a dedicated focus on well-known high street banks - you can see these in full here.

Top National Savings Rates

Savings rates can change by the hour and following the latest UK Inflation announcement that it fell in the 12 months to April to 2.3 per cent, check MSE.com for the latest rates here.

Santander 7% - must have already have a Santander Edge current account
Monument Bank 5.01%
Close Brothers 5%
Yorkshire Building Society - 4.8%
Tesco Bank 4.76%
Post Office 4.75%

At the time of writing, there are over 1,500 savings deals that now beat the 2.3 per cent inflation rate, offering a real return on your cash - so check your rate mow and shop around.

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Top National Savings Rates

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