The TV money expert is warning savers that just because they had a good account a year ago, it doesn't mean it is anymore. Here's what you need to do...
Martin Lewis has issued a call to savers to take action immediately to maximise their finances, following the Bank of England's announcement earlier in the month that the base rate would decrease from 5 to 4.75 percent - marking the year’s second cut. The BoE’s base rate plays a critical role in determining the borrowing costs for other lenders which impacts customer charges for loans, mortgages, and importantly, affects interest rates for savings accounts.
Adding to his advice, the financial guru and TV star recommended that anyone receiving less than five per cent interest on their savings should search for better options as many top easy access accounts currently offer about five per cent, allowing penalty-free withdrawals. Martin further suggested considering fixed rate savings accounts, explaining: "The difference is you get an absolute guarantee of what the rate will be for a set term, but in order to do that you need to lock money away.
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