Martin Lewis has urged people who have savings accounts to think about giving them up. The BBC Sounds podcast host and ITV regular has urged millions to give up their accounts if they can find a better interest rate amid the ongoing cost of living crisis.
“Check your savings rates today, anything under 4% is not good enough,” he said. He said: “Unless you’re in a tight spot, all you usually need to do is open a new account, withdraw from your existing savings and put the money into the new account! And if it’s a big name that can convince you to do it, then do it.”
Mr Lewis’ money-saving expert wrote: “The basic idea behind easy-access accounts is that you put cash into them, you earn interest while the money is in the account, and you can withdraw it whenever you want – this is particularly useful if you need to access it regularly to cope with the ongoing cost of living crisis.”
READ MORE: British Gas says customers can save £450 and it will be ‘credited back to account’
“The interest rates on these accounts are variable, meaning they can go up or down. You will be notified of any changes, but you should regularly check the table below for current top payers. If your account is in arrears, simply transfer your money.”
The best standard easy access accounts are Monument at 5.01 per cent, followed by Close Brothers at 5 per cent, Kent Reliance at 4.96 per cent, Oxbury at 4.94 per cent and Charter at 4.93 per cent. The top rates from established names include Yorkshire at 4.8 per cent, ahead of Tesco and Post Office at 4.76 per cent and 4.75 per cent respectively.
MSE said: “Remember that cash in all of the above accounts is protected up to £85,000 per person per financial institution. If you have more than £85,000, it is best to spread savings across several different banks in case one gets into trouble.”