Martin Lewis warning to everyone with money in a savings account – check it now | Coventry Live

Martin Lewis is sounding the alarm for millions of people with cash in savings accounts or ISAs, warning they could miss out on better interest rates. The founder of MoneySavingExpert.com pointed out that any rate below 4% is simply “not enough”.

In his latest MoneySavingExpert.com newsletter, Martin pointed out that several “big name” banks and building societies are now offering rates of up to 5%. He said this should encourage savers to “give up and move on to the rate rise”.

The financial expert acknowledged that many savers are hesitant to transfer their funds to lesser-known banks, but stressed that “savings means risk-free money”. He argued that the focus should be on the earning potential of your savings, not the familiarity of the financial institution.

READ MORE: Test your knowledge of the UK in the citizenship test that many struggle with

READ MORE: The SATS questions for 10-year-olds you might not be able to get right

Martin advised: “Some people often meet me with reluctance to change savings, even though they can earn a lot more. They tell me “I’ll just stick with my bank, I know it’s safe”. I understand the impulse, after all saving is money without risk.”

He urged savers to review their current rates, stating: “So today I want to show that even if you’re not comfortable with ‘never heard of them’ firms, many can still massively increase what they earn using big names. Top Savings Check your savings rates today, owt below 4% is not enough,” reports the Daily Record.

He also suggests that if you’re not committed to a fixed savings account, it’s as simple as finding a better deal, opening a new account and transferring your money. Furthermore, for those who may have concerns about moving their hard-earned money around, he reassures: “All UK institutions have the same £85,000 per person savings safety net, so if you put away less, as long as it is regulated by the United Kingdom. , you are protected.”

Martin and the teams at MSE.com have compiled a list of the best savings rates offered by reputable banks – full details can be found here.

The best national savings rates

Note that savings rates may fluctuate hourly. Following the recent announcement of UK inflation falling to 2.3% in the 12 months to April, see MSE.com for the latest rates here.

At the time of posting, there are over 1,500 savings offers now beating the 2.3 per cent inflation rate, giving you a real return on your money – so review your rate now and compare your options.

Get daily headlines and breaking news delivered to you by email – it’s FREE