Martin Lewis explains where to find best savings accounts right now | Personal Finance | Finance
Martin Lewis joined Phillip Schofield and Holly Willoughby on ITV’s This Morning today to answer viewers’ calls and find solutions to their money woes. This included a request from a saver, who wanted to know what the best options were at the moment. Fixed rate accounts came highly recommended by the Money Expert as he highlighted four different accounts that offer the best interest rates.
This is due to the latest development of Omicron’s Covid variant which has raised concerns about the expectations of the UK economy.
However, while the Bank of England base rate remains at 0.1%, Martin noted that interest rates for savers have already risen.
He explained, “Interest rates actually went up a lot for savers, but they were at such a low level that you didn’t really notice it.
Martin pointed out that in March, the maximum interest rate on an easy-to-access account was 0.4%.
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Today, Aldermore has an offer of 0.75% interest, doubling what would have been expected at the start of the year.
Martin added that Cynergy Bank’s offerings were also some of the best in the market today, offering unlimited withdrawals for an interest rate of 0.7%.
He added: “The real hot business, if anything can be hot while interest rates are still below inflation, comes from fixing.”
Fixed rate accounts require individuals to lock in their savings for a set period during which no withdrawals can be made.
Martin noted that the interest rates on these types of accounts are “much higher right now.”
For fixed rate accounts, Martin suggested Zopa who offers a one-year fixed rate of 1.37%, almost double what is offered by the first easy-access account.
The financial reporter also said United Trust was one of the top choices as it offers a two-year fixed rate of 1.65% interest.
He concluded by saying that because interest rates have risen so sharply over the past six months, anyone with savings should check their accounts.
“It’s worth checking out what you’re earning now to see if you can increase the interest because the vast majority of people can massively increase their interest, but they only increase massively for a relatively small amount. “
During his appearance on the TV show today, Martin answered questions about a potential scam as well as a question from someone trying to get a refund for a vacation due to the Omicron variant.
Martin hosts the eponymous program The Martin Lewis Money Show on ITV every Thursday evening, which airs tonight at 8:30 p.m.
This morning is broadcast on weekdays on ITV from 10 a.m.
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