The consumer champion warned millions of people are earning less than 4% on their savings. Martin Lewis is urging millions of people with money in a savings or cash ISA account to check it now as they could be missing out on higher interest rates. The consumer champion warned that any savings rate below 4 per cent “isn’t enough”.
Writing in the latest edition of the weekly MoneySavingExpert.com (MSE.com) newsletter, Martin explained that “big-name” banks and building societies are now offering 5 per cent savings rates, and urged everyone to “ditch and switch to ip the rate”.
The financial guru explained that a lot of people are reluctant to move their money to a bank they either don’t do their daily business with, or are not familiar with the brand. However, Martin clarified how “saving is all about risk-free money” and which firm stores your hard-earned cash shouldn’t be the driving factor, rather how much it earns while sitting in a virtual vault. Martin wrote: “I'm often met with reticence by some to switch savings even if they can earn far more.
They tell me 'I'll just stick with my bank, I know it's safe'. I understand the impulse, after all saving is all about risk-free money. “So today I want to show that even if you aren't comfortable with 'I've never heard of em' firms, many can still massively boost what they earn using big-name top savings.
Check your savings rates today, owt below 4% isn't enough.” He also said that unless you're locked.
