Martin Lewis viewer reveals huge increase in savings income
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A retiree told the ITV Martin Lewis Money Show earlier today he has increased his savings income by around £5,000 following one of the MoneySavingExpert founder’s tips. Michael told the show he transferred a cash flexible ISA to a year fixed and has worked out he will be thousands of pounds better off as a result.
Millions of Britons tune into Martin Lewis every week to watch his money saving tips and some people save thousands of pounds after following his advice.
Pensioner Michael told the ITV show earlier: “I’m retired with a good pension and was quite happy with my savings returns, however I watched Martin and the team last week on TV.
“This morning I transferred a cash flexible ISA to a year fixed at 4.10 percent which has increased my savings income by approx £5,000.”
Martin replied: “Well it’s obviously got a lot of savings but many people have been getting about eight times more interest than they were previously.”
He continued: “I’ve had a lot of messages like that if you didn’t see last week’s show and you’ve got savings it’s worth watching it back.”
Joyce also called into the show and said: “Thanks to Martin’s advice my husband and I have moved our ISAs.
“This time next year we will have received mroe than £4,000 in interest instead of diddly squat.
“It was so easy and will help us to afford to heat our home.”
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Another fan wrote into the show to ask Martin why her company didn’t autmatically increase her ISA rate unlesss she called them.
In response, Martin Lewis said: “I think what’s actually happening is they’ll have a range of different ISAs – same with savings this happens too.
“You could have the easy access online account and the online easy access account and the online easy access may pay half a percent and the easy access online may pay 2.5 percent.
“I think you’re calling them up and they’re justr transferring you to another ISA in their range which is why you have to be an active saver monitoring your rates.
He continued: “Don’t assume that because they’ve put their rates up on one account – don’t assume it’s your account without specifically checking your account.”
When it comes to easy access savings accounts, Martin Lewis recently advised a This Morning viewer that they “should be earning a minimum of 2.9 percent”.
Last Wednesday January 25 he told ITV viewers: “”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 rates have 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.”
Some regular savings accounts are offering up to seven percent interest right now which is great news for savers.
The best paying regular savings account right now is first direct’s regular saver which is paying 7 percent for the first 12 months.
In second place is the Lloyds Bank Club Lloyds Monthly Saver offering 5.25 percent interest on savings for the first 12 months.
The NatWest Digital Regular Saver comes in a close third offering an interest rate of 5.12 percent on the first £5,000 saved.
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