Financial guru Martin Lewis has handed out more tips to savers about checking interest rates - and he says to act now if yours is under 2.5 percent. The ITV money man has urged residents in the UK with a savings account to have a look at their interest rates, revealing 2.5 percent is the minimum anyone should be earning on their savings.
This is regardless of the account type or amount, leading on from the Bank of England's recent base rate hike to 3 percent. In his latest edition of The Martin Lewis Podcast on BBC Radio 5 Live, Martin explained how there's a 'savings rip off' at present, and with inflation running riot over ten percent, most savings aren't savings and are in fact 'losings', reports Chronicle Live.
The Daily Record reports that this is because the interest you’re earning - even in top savings accounts - is far less than inflation. Speaking to co-presenter Nihal Arthanayake: “Most people who have got savings are earning less than 1%, the average easy-access savings account is paying just 0.75%.”
