Martin Lewis urges savers to check if they need to move money from bank accounts

Martin Lewis has issued a savings alert as Britons should be getting four percent minimum interest on their savings.‌ The money saving expert is urging Britons to “ditch and switch to the top payers,” as big banks are paying under one percent.

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In this week’s Money Tips newsletter, the MSE team warned: “Stop the savings rip-off! Some big banks pay under a pitiful one percent, yet most should be earning a minimum of four percent, or near six percent fixed.

‌“So, unless savers are locked-in, Martin Lewis suggests they ditch and switch to the top payers.

“Unfortunately, even top rates are less than inflation – but this makes it more important to maximise the rate to mitigate the damage.”

Last week, the Bank of England increased the base rate to five percent which prompted many banks and building societies to also increase their interest rates.

Even though many interest rates are below inflation, Britons are encouraged to find the top-paying savings rates to ensure the most out of their money.

Mr Lewis said: “The simple message is if you’ve got savings, check the rate they’re paying, as most are c**p!

“Some big banks pay under a pitiful one percent, while most people should be earning at least four percent.

“So unless your money is locked in… ditch and switch to the top payers where there is competition – just open a new account and move your money across.

“Of course, even top savings pay less than inflation, which means your money’s purchasing power is being eroded. Yet that makes it more important to maximise the rate to mitigate the damage.”

For those considering the top big-name easy-access accounts, Sainsbury’s Bank is currently offering the highest rate at 4.01 percent.

Savers willing to lock their money away for a period of time can get rates over five percent.

Monument Bank offers a six-month fixed rate account at 5.15 percent.

The top one-year fixed rate comes from SmartSave which is offering 5.86 percent.

Martin Lewis is the Founder and Chair of http://MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to https://www.moneysavingexpert.com/latesttip/.