Martin Lewis urges savers to check their interest rates ‘as soon as possible’

Money-saving expert Martin Lewis urges anyone with a low interest rate on their savings account to take action. In his most recent snippet of advice, the personal finance guru encourages customers to check with their bank to see if they are making the most of their savings.

And Lewis cautioned that anyone with an interest rate less than 1.5% needs to make changes to boost their returns — because that’s a figure far fewer savers should have met. according to daily RecordLewis said it has “never been more important to maximize every penny of savings interest” as more and more families begin to feel the squeeze of a cost of living crisis.

in the latest version of MoneySavingExpert.com (MSE) newsletter, shares his top tips for maximizing your savings pot. For many of us, we think it’s a good idea to put money in a savings account and forget about it until it matures or something pops up and leaves us in need of extra cash. be needed.

But according to Lewis and his team at MSE, we are missing out on the better interest rates available now – whatever the size of your savings pot. He explained: “Maximizing every penny of savings interest has never been more important.

“With the roar of inflation, money is actually going down in savings. To minimize the impact, you need a rate as high as possible.”

And surprisingly, he reported that rates for top deals are rising, with some long fixes closing in at 3%. However, he also highlighted that savings rates do not “bounce” in the same way that mortgage rates do and that even after five base rate increases, some savings rates still pay 0.01%. , so everyone should “check out what you get ASAP”.

Lewis shared a handy list of need-to-know savings that include easy-to-access savings that are a popular option for people looking for flexibility and the ability to put money in and take it out when they want.

The guide highlights current deals:

  • Chase – 1.5% AER
  • Virgin Money’s M Plus – 1.56% AER
  • Atom Bank – 1.35% AER
  • Aldermore – 1.35% AER

Know more about the current top easy-to-access savings accounts at MSE.com Here,

Lewis also shared the current top fixed-rate savings accounts, learn more Here,

Another option for many low-income people is the Help to Save scheme.

help save

Earlier this month, Lewis encouraged people claiming Universal Credit, or tax credits, to look into the “unbeatable” bonus scheme introduced by the UK government after a money-saver told consumer champions about it. Thanks on social media for sharing the details.

The savings scheme offers people the opportunity to earn a bonus of up to £1,200 over a period of four years, but how much you get back depends entirely on how much you invest each year as a 50% bonus Based on your highest total savings. price.

Below is everything you need to know about the scheme, but it is also worth noting that you can now open an account without making a deposit.

What is Help Save?

help save account There is a scheme in which lakhs of people with low income, or claiming few benefits, may be eligible to join.

It is a state-run scheme that allows people entitled to receive the Working Tax Credit or Universal Credit a bonus of 50p for every £1 they save over a period of up to four years.

It is also possible to withdraw money from the account, but there is a catch – the bonus payment is based on the highest amount you can put in.

Even if you are not able to set aside money for savings at the moment, open an account however you are eligible to do so, as you do not have to set aside any money.

How Help to Save Scheme works

The scheme allows some people to receive the Working Tax Credit or Universal Credit a bonus of 50p for every £1 they save over four years.

Help save is supported by UK government Hence all the savings in the plan are protected.

how payments work

You can save between £1 and £50 per calendar month – you don’t have to pay every month.

Payment can be made by Debit Card, Standing Order or Bank Transfer.

You can pay as many times as you want, but you can pay up to £50 per calendar month.

You can only withdraw money from your Help to Save account to your bank account.

How does the bonus work

You get bonuses at the end of the second and fourth years – based on how much you have saved.

What happens after four years?

Your Help to Save account will be closed after four years of account opening by you. You won’t be able to open it again or open any other support for saving an account.

You can close your account at any time. If you close your account early, you will miss your next bonus and you will not be able to open another bonus.

eligibility

You can open Help to save an account if you:

  • Getting Working Tax Credit

  • Entitled to receive Working Tax Credit and Child Tax Credit

  • Claiming Universal Credit and your family earned £604.56 or more from paid work in your last monthly assessment period

  • Getting paid as a couple. You and your partner can apply for your help to save accounts – you need to apply separately

You also need to live in the UK.

Will this affect my benefit payments?

You can continue to receive the Tax Credit or Universal Credit while saving with Help to Save.

What happens if I stop claiming benefits?

You can continue to use your help to save the account.

For more information and to set up your help for saving an account, Visit the GOV.UK website here,

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