Martin Lewis has urged people to check their savings accounts to assure they’re receiving the interest rates they are owed.
The Money Saving Expert warned account holders to check their details and ensure they are getting the best value for money. The advice comes after people have been underpaid what they are owed as interest rates bounce to the highest line in several years. He urged people to look at their accounts and to make the move to one with a better rate if possible.
Writing in his moneysaving.com newsletter, Martin estimated over £180bn in savings was set aside by families throughout the pandemic. This was due to more people being able to work from home.
Martin added that lower interest rates meant account holders were barely gaining any benefits. Now, top savings rates have jumped to their highest levels since July 2019, Mr Lewis adds. He went on to say that if your savings rates are less than 1.5%, you are being underpaid and “don’t stand for it.”
He said: “The minimum savings should pay is 1.5% – as that’s what you can get in the top easy-access account. If you’ve not switched savings account in the last couple of years, you’re likely earning just 0.1% or less.
“Even if you opened a decent account a few months ago, as rates have increased, you’re still likely earning little more than half of what today’s top accounts pay. Though of course you know that, as you’ve already checked… sorry for going on about it.”
Chronicle Live reported Martin Lewis is encouraging people to check if they can get a better deal on interest rates elsewhere. In his latest newsletter he has put together a list of options offering 1.2%, 1.5% and 2.3% if you can afford to put away cash for a fixed term.
He has also put together top tips for a first-time buyer or a saver under 16. The full details can be found here.
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