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Martin Lewis issues warning to anybody with a savings account

Loan Scams

Martin Lewis issues warning to anybody with a savings account

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Martin Lewis has urged anybody with a savings account to conduct a quick check. The Money Saving Expert reckons people may not being paid the correct amount.

Mr Lewis, in his weekly Money Saving Expert newsletter, shared details on getting the best value for money. The ITV regular and consumer champion estimated Brits have £180billion in savings.

But if you have a low interest rate, you are not benefitting. He said if your savings rates are less than 1.5%, you are being underpaid and “don’t stand for it.”

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He said: “The minimum savings should pay is 1.5% – as that’s what you can get in the top easy-access account. If you’ve not switched savings account in the last couple of years, you’re likely earning just 0.1% or less. Even if you opened a decent account a few months ago, as rates have increased, you’re still likely earning little more than half of what today’s top accounts pay. Though of course you know that, as you’ve already checked… sorry for going on about it.”

The Martin Lewis Money Show star – and ITV This Morning regular – is encouraging people to check if they can get a better deal on interest rates elsewhere. In his latest newsletter he has put together a list of options offering 1.2%, 1.5% and 2.3% if you can afford to put away cash for a fixed term.

Have you checked? Let us know in the comments.

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