Martin Lewis, the founder of the website Money Saving Expert, is the financial journalist and campaigner who regularly appears on the small screen and the radio to share his expertise on all things money. Recently, he has addressed the topic of credit cards.
- Martin Lewis reveals top easy access savings account ‘Total safety’
Writing in his weekly MoneySavingExpert.com Money Tips newsletter last week, Martin issued a warning about top balance transfer credit cards.
Serving a reminder to credit card users, he explained that the “current longest zero percent debt-shifting deal” – with up to 30 months at zero percent – would only be available until the end of June.
“So if you need it, sort it soon, and remember to always pay at least the minimum payment and clear the debt before the zero percent ends,” he said.
More information on balance transfer credit cards can be found by visiting MSE’s Top Balance Transfers guide.
Elsewhere in money news, Martin has shared some insight on savings recently.
It came during a question and answer session on The Emma Barnett Show on BBC Radio 5Live – with the query now available to listen to in the latest instalment of the Ask Martin Lewis Podcast.
A caller, called Paul, explained he had received a payout of £13,000 that morning following a claim for mis-sold Payment Protection Insurance (PPI).
Paul said: “I got a PPI cheque this morning because of your advice really.
“Basically, I’m wondering what to do with the money.”
Martin asked for a few more details, which Paul provided – revealing he doesn’t have a mortgage and is living in rented accommodation.
First of all, the financial journalist suggested he put the lump sum in an easy access savings account, enabling him to maximise the interest earned on the money while he decided what he wanted to do with the cash in the longer term.
“So look, the first thing to say: The top paying easy access savings account on the market right now is NS&I which is the state-owned one – so total safety as well – that pays 1.16 percent,” he said.
- Martin Lewis urges pensioners to check state pension entitlement
“That’s the top easy access. So while you’re thinking, put it in there.
“As for the rest of it, if you don’t need access to it, it’s always good to have access to some of it for a rainy day – three to six months of bills especially in the current environment.
“You might want to look at putting it in a fix and earning more.
“I mean there’s other things you can look at doing with your money. I mean, how old are you?”
Paul informed him that he is 50, to which Martin said: “50, I don’t know if you’ve got a pension – you could put some in your pension.
“Depending on your tax situation that may be effective. You could invest some of it.
“But, just at the moment, get it into the top easy access savings account while you can.”
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