Martin Lewis has issued an urgent warning to millions of people with money in a savings or cash ISA account, who may be earning “far less than 1%” despite many providers now offering around four per cent to savers. The consumer champion urged everyone to check their current rate now as they may be able to get “quintuple the interest in minutes”.
His message in the latest edition of the MoneySavingExpert.com (MSE.com) newsletter was clear - anyone earning below one per cent on any money they have in a savings account needs to ditch and switch to stop being ‘ripped off’ - simply by being loyal to their bank.
Martin explained that Bank of England interest rates are at their highest level for 14 years and another rise is expected to be announced this week (Thursday), increasing from 4.25 per cent to 4.5 per cent.
