The money expert said savings rates are on the up and people should consider switching if they are getting less than 2.5 percent interest. Savers who can afford to lock away their savings for a fixed term could even get up to five percent interest.
Martin Lewis’ top pick easy access savings accounts:
- Marcus and Saga 2.5 percent
- Yorkshire Building Society 2.5 percent up to £5,000 two percent above that (two withdrawals a year)
- Barclays Rainy Day Saver five percent up to £5,000
- HSBC three percent up to £10,000
- Chase 2.1 percent plus one percent cashback.
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In response, Martin said: “Well classic rule – first of all get rid of all your debt – if you’ve got any debts get rid of your debts.”
Mr Lewis said the second thing she should do “as a bare minimum” is to put it into a bank with a decent interest rate.
He said people should put their savings into an easy access account paying at least 2.5 percent interest while they decide what to do with it.
Martin added: “Leaving it sitting in your bank earning nothing is frankly a financial sin.”