Martin Lewis reveals top normal savings accounts
Martin Lewis, Money Saving Expert, helps Britons with a variety of financial questions and queries, and did the same tonight when appearing on ITV. Martin tonight informed Britons about the new top savings accounts, amid difficulty for savers recently. In March 2020, the Bank of England took the decision to reduce its base rate to a staggeringly low 0.1 percent, the lowest in its history.
This had a knock-on effect for savings providers, meaning interest rates have been generally abysmal recently.
But amid this chaos, Martin has been able to provide the latest guidance to help Britons grow their money.
Speaking on his Money Show, he offered the most up-to-date rates for Britons.
Topping the interest rate offerings is a more familiar name, which is likely to provide some level of comfort for Britons.
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
Martin explained Nationwide is currently offering 0.5 percent on savings, with a minimum £1 deposit.
This could really help people who are just getting started on their savings journey.
However, it is important to note only three penalty free withdrawals are permitted a year in this account.
As a result, it may not be a suitable one for those who want to withdraw funds very frequently.
Next in the top easy access savings market is Aldermore, also offering a 0.5 percent interest rate.
Britons can save hundreds & create ‘extra’ cash even while renting [INSIGHT]
Pension: Britons can become asset ‘millionaires’ – ISAs and pensions [ANALYSIS]
Savings account: Bank launches ‘competitive’ accounts for Britons [UPDATE]
Unlike Nationwide, there is a minimum deposit of £1,000 on this account, Martin explained.
The upside, though, is unlimited withdrawals within this account to provide Britons with access to their finances whenever they need it.
But Martin also expressed surprise at the current best performing rates for an easy-access cash ISA.
He said: “Interestingly, easy access cash ISAs normally pay much worse, but at the moment, Cynergy is beating them.
“A cash ISA is just like a normal savings account that you never pay tax on and doesn’t count towards your tax-free allowance.”
The best rate is offered by Cynergy at 0.55 percent, with a minimum £1 deposit, and maximum of £20,000 a year under ISA rules.
This ISA account, Martin explained, also allows transfers alongside unlimited withdrawals.
Although these top easy access savings accounts can provide help to Britons who want to grow their money, Martin did offer a final warning.
He explained these rates are variable, so can and will drop in the future dependent on circumstances more widely.
As a result, for those searching for a guaranteed rates and to earn more will need to take a different approach.
Martin said individuals looking for this kind of outcome will need to investigate fixed rate savings.
But other options including Lifetime ISAs, alternative bank accounts and Premium Bonds, Martin concluded, could also be of particular help.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip
Source: Read Full Article