The consumer champion told viewers of Money Show Live that most people are still being ‘ripped off earning diddly squat’
Martin Lewis issued a ‘call to arms’ for everyone with a savings account during the latest edition of The Money Show Live this week, urging viewers to check their interest rate as a matter of urgency. The financial guru told STV viewers that easy access rates can now pay three per cent and there are even some fixed-rates offering an impressive seven per cent for one year.
Martin explained how savings rates have increased massively over recent months and how just two years ago, during the pandemic, all of them were below one per cent. Even a year ago, easy access rates were still below one per cent, but due to the recent massive base rate increases from the Bank of England - up from 0.25 per cent to 3.5 per cent - there are now savings rates of up to seven per cent on the market.
But he warned this should not be interpreted as him saying there’s no point in maximising your interest.
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