It pays to keep an eye on your money and with the cost of living crisis eating into savings, financial guru Martin Lewis is urging particular vigilance. He has now issued an urgent warning to everyone with money in a savings account.
Martin says check how much interest those accounts are making, warning that if the rate is under 2.5% then you need to act now to boost it. He said that is the very lowest rate anyone should be earning on any savings amount following the Bank of England’s recent base rate hike to 3%.
During the latest edition of The Martin Lewis Podcast on BBC Radio 5live, Nottinghamshire Live sister publication, Daily Record, noted that the consumer champion was explaining a “savings rip-off”. On the programme, he said that with inflation currently running at over 10%, most savings aren’t savings, they are in fact “losings” because the interest you’re earning - even in top savings accounts - is far less than inflation.
