Martin Lewis has warned anyone with a savings account that they could be losing out on making extra money on their savings due to "pants" interest rates.
The money expert urged people to check any savings accounts they have, with savings rates at their highest level for 14 years and the Bank of England having raised interest rates to 4.5% last week. He added that many people might be able to increase their interest up to fivefold within minutes, with the top fixed-rate savings accounts now paying nearly 5% interest while easy-access accounts are paying almost 4%.
Martin explained in his latest MoneySavingExpert newsletter: "Millions of people have money in savings and cash ISAs, earning far less than 1% - with banks taking advantage of customer inertia. Stop 'em ripping you off. Check yours now."
