Martin Lewis is urging everyone with money in a savings account to check how much interest they are making on it and warns that if the rate is under 2.5% then you need to act now to boost it. The financial guru 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%.
In the latest edition of The Martin Lewis Podcast on BBC Radio 5live, the consumer champion explained that there’s a “savings rip-off” right now and 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.
Martin told co-presenter, BBC Radio 5live’s Nihal Arthanayake: “Most people who have got savings are earning less than 1%, the average easy-access savings account is paying just 0.75%.”
