The founder of MoneySavingExpert.com warned that this offer will not last long
The Money Saving Expert has warned people to "lock away" their savings. After taking some time off from X, formerly known as Twitter, Martin Lewis returned to the platform to share some important financial advice with his followers.
Martin also shared a link in the post to the recent MSE newsletter which explained more about the pros and cons of savings with NS& for those who are unsure reports The Daily Mirror. In his tweet, he said: "Urgent savings update."Lock away money in total safety as National Savings launches a 6.2% 1yr best-buy - though it likely won't last long. Full info, alternatives pros & cons...
The newsletter did warn readers that if they open the bond their money would be locked away for the entire year, and it was also noted that savings in this bond were taxable, which means those who are "saving a lot" may want to opt for a Cash ISA instead. This is because with an ISA you don't need to pay any tax on the interest earned.
This is because to get the "highest rate totally protected up to £1million for a year is normally unthinkable". The account is available in two versions, and both pay the same rate. The only difference is when you get the interest, you can either go for a Guaranteed Growth Bond which pays interest at maturity or a Guaranteed Income Bond which pays interest monthly.
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