Martin Lewis says 2 accounts are key to 'maximise' your money

Pictured is Martin Lewis
-Credit: (Image: ITV)

Martin Lewis has shared a savvy financial tip for Brits, suggesting they should keep both an easy access and a fixed savings account to maximise returns on their savings. The Money Saving Expert founder explained this dual-account strategy during a response to a fan's query about spreading cash across various accounts to boost interest earnings.

Starting with the basics, Martin advised savers to maintain two types of accounts based on their total savings: an easy access account for immediate needs and a fixed rate account for long-term savings. He said: "You should have easy access for the ones you need to get hold of...but also fixing."

Adding to his advice on fixed accounts, he noted that these should be used for "money you can put away" due to their restrictive withdrawal conditions. On his BBC podcast The Martin Lewis Podcast, he highlighted how this approach is advantageous regardless of fluctuations in the UK base rate.

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He pointed out that while easy access accounts are variable and could decrease if the base rates fall, a fixed account's rate remains constant once set. Moreover, Martin reassured listeners that there's no limit to the number of savings accounts one can have, urging people to "put every penny where it can earn the most interest", reports the Mirror.

However, Martin Lewis also emphasised the importance of aligning savings strategies with personal habits. He explained: "If you're not on top of it, just putting it in one place where, when that ends, you'd be bothered to move it somewhere else is better than having a 'good idea' that 'I'm going to put it in five or six different accounts'."

"When it comes time to move them all, you can't be hassled and they drop to a pants rate so you're left with 6 pants accounts because you didn't bother to move it."

In a specific tip for savers, Martin highlighted an offer from Nationwide, urging customers to seize the "unbeatable" 5.5% interest rate available on their 18-month fixed-rate account. This opportunity is exclusive to those who were members of Nationwide as of 22 May, with the account requiring a minimum deposit of £1 and allowing a maximum of £10,000.

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