Consumer champion Martin Lewis advises people to switch to higher savings rates if they are earning a return of five per cent or less. He recommends checking current rates and moving money to another account if necessary.
Martin Lewis has warned that many people are “earning diddly squat” on their savings accounts and should consider ‘ditching and switching’ to a higher rate to maximise their money if they getting a return of five per cent or less. The Martin Lewis Money Show Live returned to TV screens across the UK on Tuesday night in a programme packed with tips and advice on how to navigate the additional costs of winter.
He also shared details of two easy-access savings accounts worth considering. He said: “Savings rates have gone up a lot since the end of the last series. So please check your savings rates as many of you are still earning diddly squat and the minimum you should earn is whatever the top easy-access account pays - that’s where you can put your money in and take it out whenever you want.
“So, if you’re earning less than 5% on your savings, and certainly less than 4%, you really need to think ‘why don’t I just ditch and switch and move somewhere better’”. Martin also told STV viewers that he’s planning to do a full programme on savings in a few weeks time. You can catch-up on The Martin Lewis Money Show Live on the STV Player.
Martin Lewis Savings Accounts Switching Higher Rates Money Return Winter Costs Savings Rates Moneysavingexpert.Com Easy-Access Accounts Ulster Bank Natwest Group Deposit
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