Money Saving Expert's Martin Lewis has urged everyone with funds in a savings account to check how much interest they are making on it as he says if the rate is under 1.5% then “you’re being underpaid - don’t stand for it”. Many of us have a savings account which we typically use to save away money, or use on a rainy day.
But according to the financial guru, we could be missing out on much better interest rates available right now. He encourages everyone to review their savings pot - big or small - to make sure they’re getting the most value for their money, reports The Daily Record.
Writing in the latest edition of the MoneySavingExpert.com newsletter, the founder of the consumer website said that UK households put an estimated £180 billion into savings accounts during the pandemic, using the money saved from typical travel costs and food expenses to bolster up rainy day funds.
