Martin Lewis spoke to ITV audiences tonight about how best to deal with savings accounts at the moment. The MoneySavingExpert shared his advice on The Martin Lewis Money Show. He revealed the importance of making sure you’re earning enough. Lewis encouraged audiences to “ditch and switch” if their savings accounts were not offering enough interest. During the show, guest Joanne was keen to find out about the best savings accounts at the moment to put her savings in.
Martin Lewis Money Show reveals savings accounts ‘important warning’ for Britons
Joanne had put her “good whack” of savings in a three-year fix which ended last year. The bank then told her that because of Brexit she would only get 0.2 per cent interest on it so she should “leave it there and see what happens.”
Britons need to be aware of this happening as they could lose a “couple of grand” in interest with such banks.
“Today the top-paying easy access account is 0.5 per cent,” said Lewis. “In a fix, you could be earning just under 2 per cent. At 0.2 per cent you’d be getting nothing.”
Lewis shared his key advice with the guest: “Stop b****ing start switching,” he said.
“When you get bad service and information that means you lose out on money. On those occasions, don’t give them your custom and don’t let them keep your custom.”
On returning to the studio and the live audience, Lewis explained he has an “important warning” for Britons with money in savings accounts.
Martin Lewis urged Britons to “ditch and switch” if their savings accounts weren't offering enough (Image: Getty Images/ITV)
“In the last week or so, we saw the top payer Marcus Bank drop its interest rate from 1.5 per cent to 1.45 per cent and straight afterwards the other top payer, Synergy Bank did exactly same thing,” Lewis explained.
The problem is that long term predictions of interests rates have plummeted as the UK faces uncertainty.
“I’m worried we’re at the start of what I’d call a race to the bottom,” said Lewis. “Instead of companies