Martin Lewis warns people with savings to move money into 'two accounts'

Martin Lewis has warned everybody with savings to move their money into "two accounts". BBC Sounds podcast host Martin recommended savers keep two types of accounts open, contingent on their total savings: an easy access account coupled with a fixed rate account.

He explained: "You should have easy access for the ones you need to get hold of...but also fixing." The ITV star clarified there is no cap on how many savings accounts an individual can own, encouraging everyone to "put every penny where it can earn the most interest".

He added a condition that it should contain "money you can put away" for lengthy periods given their 'no-access' policy. He said: "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'."

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"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." On its website, Money Saving Expert - Mr Lewis' consumer group - explains: "After many years of low rates, savings have made a significant comeback over the last year.

"And while rates are on their way back down from recent peaks, top savings still pay more than inflation, so there's a chance to really make your money work for you." The top easy-access cash ISA currently pays 5.2% – the same as the top easy-access savings rate.

Ulster Bank (owned by NatWest) pays the top rate at 5.2% (min £5,000), though the current account requires a hard credit check to get. Chase pays a little less at 5.1% – this includes a fixed 1% bonus that lasts till 16 Jan 2025, so diarise for then to check for a better rate.

There's no minimum deposit, and it's available to new Chase customers, as well as existing customers who had under £50,000 saved on 2 May.