Martin Lewis issued a warning to anyone with a UK savings account that they could lose money.
the Money saving expert the founder went above and beyond to offer advice to Britons in the middle of the cost of living increase advice on how to seek government assistance to how to navigate energy bills as they soar.
But the cash savings guru has now turned to savings accounts, with people saving more than usual during the pandemic.
writing in his latest money saving newsletterthe consumer champion has revealed that UK households have saved an estimated £180bn more as society closes following the coronavirus outbreak.
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Martin Lewis says Britons ‘can’t stand’ account savings rates
After the pandemic, savings rates rebounded to their highest levels since July 2019, with Mr Lewis suggesting that if your savings rates are below 1.5% there will be better deals in the market.
Writing in his newsletter, he said: “The minimum savings should pay is 1.5% – because that’s what you can get in the best easy-to-access account. If you haven’t switched accounts savings over the past two years, you’re probably only earning 0.1% or less.
“Even if you opened a decent account a few months ago, as rates have gone up, you’re probably still earning a little more than half of what today’s top accounts pay. Although you know of course, as you have already checked….sorry to have continued on this subject.”
Mr. Lewis has even put together a handy list of options offering up to 2.3% on your savings if you can afford to put money aside for a fixed term by stating if you get paid less than 1, 5% “can’t stand it”.