Martin Lewis highlights top savings accounts right now – including ‘unbeatable’ 50% boost

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The savings guru has urged people to make sure they are getting at least a 1.5 percent interest rate to alleviate the effects of soaring inflation. The money expert has also provided a list of the best savings accounts on the market at present.

For the most basic easy access savings accounts, the top rate is Virgin Money’s M Plus, at 1.56 percent, he said.

This applies to balances up to £25,000, with a 0.75 percent rate on any amount above this limit.

Savers switching from another bank can also get loyalty points for 12 bottles of wine.

Mr Lewis also recommended the Chase saver account, at 1.5 percent.

Writing in Money Saving Expert’s Money Tips newsletter, he said of the two accounts: “Both are actually savings linked to bank accounts.

“But as you can open them for free WITHOUT needing to switch account, just to get the savings, they’re easy and winners.”

The savings expert also picked out app-only Zopa, at 1.4 percent, with its low minimum opening balance of £1.

Savers may also want to consider Aldermore, at 1.35 percent, which requires £1,000 to open.

Easy access rates are variable, so customers will need to check that their rate does not change.

Higher interest rates are available through fixed-rate savings accounts.

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Mr Lewis said: “The top fixed-rate savings, also known as savings bonds (be careful, there are lots of different, riskier things called ‘bonds’ too), pay more and the rate is locked in, but so is your money, as you can’t withdraw it during the period.

“So fix what you can afford to lock away and leave the rest in easy access.”

The top accounts included:

  • Six month – Shawbrook Bank – 1.75 percent
  • One year – Atom Bank – 2.6 percent
  • Two year – DF Capital – 2.95 percent
  • Top notice account – Oxbury Bank – 1.9 percent – Savers must give 120 days’ notice to withdraw cash

Rates for fixed rate accounts have “risen strongly” and could rise further, Mr Lewis warned.

He said: “Of course, banks are just as aware as we are that UK rates are rising, so that potential will have been factored into today’s fixed-rate prices, which is one reason why they’re far above the base rate.

“You could play safe and just go for six month fixes or a notice account, as they beat easy access.

“Balanced against that is that you’ll forgo the extra interest available in one or two-year fixes and need to move money more frequently.

“It’s such a close call, don’t worry too much, there’s no wrong decision.”

However, some savers can get an “unbeatable” 50 percent bonus on their savings.

This is through Help to Save, a Government scheme available to claimants of Universal Credit, Working Tax Credits and Child Tax Credits.

Savers get 50p for each £1 they save over a period of up to four years, and can deposit up to £50 a month.

Mr Lewis also suggested looking at Lifetime ISAs for those looking to buy their first home.

The scheme is open to people aged 18 to 39 and offers a 25 percent bonus each year, with a maximum total deposit of £4,000 each year.

Martin Lewis is the Founder and Chair of To join the 13 million people who get his free Money Tips weekly email, go to

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