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As living costs rise and disposable income dwindles, Britons have been searching for savings accounts that offer the best rate of return on their investments.Financial journalist Martin Lewis delivered a segment on The Money Show this evening as a “call to arms” to help savers invest in the best accounts, sharing five offering the highest rates.
Addressing a question from a viewer on what account would be the best option for her £35,000 savings, which is currently placed in a 0.65 percent account, Mr Lewis said: “You should be earning a minimum of 2.9 percent”.
“The bog standard place you should start is having your money in the top easy access. That’s where you put the money when you’re deciding what to do with it – you maximise it.
“The reason I say put your money in easy access is that it’s flexible, you can take the money out whenever you want and if the rate no longer looks good, you can withdraw it and put it elsewhere.
“All the rate shave changed today and there are so many different easy access variants, but the top interest is Yorkshire Building Society at 3.35 percent up to £5,000.”
However, he notes that with any savings above £5,000, the rate gets beaten by others as it then falls to £2.85 percent.
Mr Lewis continued: “You’re only allowed two withdrawals a year, so this is for someone who wants to just put their money away and only access it occasionally.”
If that’s not right, Mr Lewis moved on to Shawbrook Bank, which is currently paying 2.9 percent on a minimum of £1,000.
But, he notes: “You can only withdraw in chunks of £500.”
More to follow…
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