Martin Lewis is the Money Saving Expert who is known for giving ITV viewers his top advice.Tonight’s show was no different, as Martin revealed the
Martin Lewis is the Money Saving Expert who is known for giving ITV viewers his top advice.
Tonight’s show was no different, as Martin revealed the best savings accounts.
The financial journalist answered the question he gets asked most – he revealed where people should put their savings in light of an improvement in interest rates.
If you are earning under 1.5 per cent, he revealed which account can earn you more than four per cent.
Martin Lewis saving accounts best buys
Normal saving accounts
Easy access (min £1):
ICICI Bank UK – 1.55 per cent
Marcus Bank – 1.5 per cent
1 year fix (min £1,000)
Al Rayan – 2.17 per cent
Daknorth – 2.01 per cent
2 year fix (min £1,000)
Al Rayan – 2.42 per cent
Daknorth – 2.31 per cent
Regular savings accounts
First Direct, HSBC, Nationwife, M&S – 5 per cent
Virgin Money – 3 per cent
High interest current accounts
Nationwife Flexdirect – 5 per cent up to £2,500 for 1 year
TSB Classic Plus – 5 per cent up to £1,500
Tesco Bank – 3 per cent up to £3,000
Martin said Britons should check their savings rates right now, as they could likely improve them.
Martin Lewis’s best ISAs can help Britons looking to save.
Everyone in the UK aged 16 or over gets an ISA allowance at the start of each tax year, and at the moment it’s £20,000.
Money Saving Expert Martin Lewis explains the different types of cash ISAs on his website, saying there are a number of different types of cash ISA accounts, each one just depends on your plans for using the funds.
The most popular options are: Easy access ISA, where you can withdraw money whenever you want, and a fixed rate ISA, where you are guaranteed a rate but mustn’t touch the cash for a set period.
The Double Take E-ISA from Virgin Money pays 1.45 percent and can be opened with as little as £1, however, you can only make two withdrawals per calendar year.
Martin Lewis advice on the energy price cap increase was also dicusssed in the programme.
The energy price cap increase is going up by £117.
Martin explained the majority of people still on their energy provider’s standard tariff will probably soon see an increase in energy costs and could be wasting over £200 per year.
The Money Saving Expert said: “First it’s worth saying that while the introduction of the price cap reduced many standard tariffs by 10 percent, switching would’ve saved around 25 percent.
“Yet more importantly the first price cap rate only lasts from 1st Jan to 31st March after which it changes and then it’s reviewed every six months by the regulator Ofgem.”