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Martin Lewis issues new warning to people with money in a savings account to check it now

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dailyrecord.co.uk

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.

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