The consumer champion is urging all savers to check no matter how much money they have put away.
Martin Lewis is urging everyone with money in a savings account to check how much interest they are making on it and warns that if the rate is under 2.5% then you need to act now to boost it. The financial guru said that is the very lowest rate anyone should be earning, on any savings amount, following the Bank of England’s recent base rate hike to 3%.
Martin told co-presenter, BBC Radio 5live’s Nihal Arthanayake: “Most people who have got savings are earning less than 1%, the average easy-access savings account is paying just 0.75%.” “With inflation running at over 10% at the moment, most savings aren’t savings, they are in fact ‘losings’ because in real-terms the interest you’re earning even in the top accounts is far less than inflation.
During the Podcast, Nihal Arthanayake checked his own savings rate and was flabbergasted to discover that it was only 0.5%, calling it a “liberty” benign taking by his bank.“The vast majority of you have savings paying virtually nothing, everybody listening unless you’ve done this exercise in the last few weeks need to check now what interest you are earning on your savings.
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