Martin Lewis urges people who have a savings account to 'move money'

James Rodger

22 May 2024 at 8:50 am·3-min read

Martin Lewis has urged anybody with a savings account to consider moving their money. The BBC Sounds podcast star and ITV regular, who hosted ITV Good Morning Britain today, spoke out in the Money Saving Expert newsletter.

Mr Lewis said: "The Top Big Name Savings & Cash ISAs, earn 5%. I'm oft met with reticence by some to switch savings even if they can earn far more, as they've not heard of the top payers. Yet most can still massively boost interest with big names. Heres the best-buys."

In the latest Money Saving Expert newsletter, he said: "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." Mr Lewis said the top accounts were Yorkshire Building Society who are offering 4.8 per cent with a minimum deposit of £1. So savers can get £4.80 interest a year per £100 they save.

Mr Lewis said: "Unless you're locked in a fix, all you usually need do to is open a new account, withdraw from existing savings, and put the money in the new one! And if it's a big name that'll convince you to do that - go for it."

He added: "Normal savings usually out-pay cash ISAs (though not with easy-access today), so if you won't earn over your Personal Savings Allowance (eg, £1,000 a year interest for basic-rate taxpayers) go for the higher rate. If you will, start with cash ISAs."

Tesco Bank offers 4.76 per cent with a minimum £1 deposit. The Post Office is 4.75 per cent with a minimum £1 deposit also. The Top Cash ISA is Marcus by Goldman Sachs which offers 4.75 per cent for new savings only. Britons can not transfer money in from any existing ISAs.

Post Office offer 4.6 per cent for new savings and transfers from existing ISAs. The minimum deposit to pay in is £100. The top one year fixed savings is MBNA (part of Lloyds Group) which offers 5.05 per cent with a minimum £1,000 pay-in.

Tesco Bank pays 4.91 per cent for a minimum of £2,000. The top one year fixed cash ISA is Virgin Money which offers 4.61 per cent with a minimum £1. So £4.61 interest a year per £100 saved, the top two-year is Tesco Bank which offers 4.6 per cent with a minimum £2,000 deposit.

The top two year cash ISA fixed is TSB which offers 4.35 per cent with a minimum £1 deposit. So savers can get £4.35 interest a year per £100 saved.

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