Martin Lewis issues saving account warning urging everyone to check it now
| Author | Linda Howard |
| Published date | 23 June 2022 |
| Publication title | EdinburghLive (Scotland) |
As the Daily Record reports, Martin said that it's "never been more important to maximise every penny of savings interest", highlighting the current cost of living crisis and soaring inflation rates.
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While many of us assume that it's a job well done to put cash into a savings account and forget about it until we need it, Martin and the MSE team stressed that we could be missing out on so much more with the interest rates that are available now.
Martin explained: "It's never been more important to maximise every penny of savings interest. With inflation roaring, in real terms money in savings is shrinking. To mitigate the impact, you need as high a rate as possible."
He added that while inflation is squeezing the purse strings of many, interest rates for the top deals are increasing, with some longer fixes edging towards three per cent. Although he said with caution that saving rates tend not to 'bounce up' in the same way mortgage rate do.
Even after a five base rate rise, some saving rates still pay just 0.01 per cent - so everyone should "check what you get ASAP". Along with that warning, the consumer champion shared a handy list of savings need-to-knows which includes easy access savings which are a popular choice for people looking for flexibility and the ability to put money in and take it out when they want.
The guide highlights current deals from:
* Chase - 1.5 per cent AER
* Virgin Money's M Plus - 1.56 per cent AER
* Atom Bank - 1.35 per cent AER
* Aldermore - 1.35 per cent AER
Find out more details about the current top easy-access savings accounts on MSE.com here.
Martin also shared the current top fixed-rate savings accounts too, find out more here.
Another option many people on a low income is the Help to Save Scheme.
Help to Save
Martin is encouraging people claiming Universal Credit or Tax Credits to look into an "unbeatable" bonus scheme offered by the UK Government. This came after a MSE fan thanked Martin on social media for sharing details about it.
Help to Save offers people on low income the opportunity to earn a maximum amount of £1,200 over a four-year period. Although, how...
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