Martin Lewis urges customers to consider switching banks as savings rates change

Martin Lewis urges everyone to switch to these 'four' banks
-Credit: (Image: ITV)


Martin Lewis has issued bank account holders to consider moving their money.

The ITV star spoke out over the need to ensure they're getting the right bank account rate, as easy-access rates change up and down the country.

On Twitter, now X, Martin wrote: "The top easy access savings now beat fixes. Check what yours pay, you can still get 5% or more."

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In his weekly newsletter, Mr Lewis said: " "What's happening to savings is a mirror of mortgages, except here higher rates are good, lower bad.

"The rate you can fix at has dropped, as they're based on longer-term interest-rate predictions, while the top paying variable (easy-access) rates haven't, as they're based on the UK base rate, which the Bank of England held last week.

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"So while normally you tend to get better rewarded for locking money away in a fix, right now you don't. The market consensus is the UK base rate will be cut in November, so easy-access rates are likely to drop 0.25 percentage points then, but that'd still leave the best of them on par with current fixes, so it's looking good, especially if you want access to your cash.

"Though the benefit of fixing is long-term rate surety, so if you want to ensure a certain rate, and not risk big future drops, fixing and fixing longer does that (and as fixed rates may creep down a touch over the coming months, sooner is likely safer).

"For everyone though, the key rule is there are HUGE variances between the best and the bog-standard rates in each category, so check what you earn, and ditch and switch if you can." In the MSE guide, it explains how the four best are Chip, 5%, Oxbury, 4.87%, OakNorth Bank at 4.82 per cent and Monument at 4.81 per cent.

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With Chip, there is no minimum, and you can open via an app - while Oxbury is open online with a minimum of £25,000 and maximum of £500k. OakNort has a minimum of £20k, while Monument is at £25k.

"There are far more options in top savings, including top big-name savings, plus higher rates if you have (or open) the right current account," Mr Lewis said.