Martin Lewis says best savings account interest rate is with THIS bank | Life | Life & Style

0
16


Speaking on Good Morning Britain, Martin shared details of the account and said: “If you’ve any savings, check now what they pay. Most are paltry, pitiful, spitworthily low, some just 0.01 per cent (10p interest per £1,000 saved).

“Yet easy-access and fixed rates are improving a smidgeon, so if you don’t do anything else, at least move your savings in to one of these.

“Now normally I talk about using a bank accounts rather than saving accounts to get the highest interest when up to five per cent is available on the smallest amount.

“But they have terms that have to be met and many just want simplicity. And thankfully on simple accounts we’ve seen savings boost up.

“All those I mention, are fully regulated UK savings accounts, so you’re protected up to £85,000 per person, per institution (useful to know if you haven’t heard of it).

“New top easy-access account – 1.3 per cent. Here, you can add and withdraw cash whenever you want. The new top payer is the Bank of Cyprus paying 1.3 per cent, though 0.7 per cent of this is a bonus which ends after a year, while RBS’s Ulster Bank pays 1.25 per cent is a straight rate – both are online accounts accessible across the UK.

“As every basic 20 per cent rate taxpayer can now earn £1,000 of INTEREST (£500 at the higher 40 per cent rate) without paying tax, these accounts are tax-free for all but those with huge savings. So most should go for these over the top 1.05 per cent cash ISA from Leeds BS.

“Lock money away to earn up to 2.2 per cent. If you’ve savings you won’t need to touch, top fixed accounts give you a higher guaranteed rate for a time, but you can’t access your cash during it.

“The top payer is Shawbrook at 1.9 per cent fix for one-year (min deposit £1,000), United Trust at 2.05 per cent for two-year fix (min £500), PCF Bank at 2.22 per cent (min £1,000) and NS&I savings bond at 2.2 per cent for three-year fix (max deposit £3,000). You can get fixed cash ISAs too, yet rates are far lower.”

Martin then issued a warning for homeowners not to ignore the household enquiry form which should be landing on doormats soon, as doing so will risk a £1000 fine.

Finally, Martin shared some quick money saving deals. Firstly, he revealed how to get a ‘free’ Sunday cinema ticket.

He said: “Buy selected chocolate packs (including M&M’s, Maltesers, Minstrels, Galaxy Counter and Revels) before Thursday 19 October and you can get a ‘free’ Sunday cinema ticket at participating cinemas, including Cineworld, and some independents such as Savoy Cinemas and Movie House Cinemas, but not Odeon or Vue.

“You’ll need to buy two large packs (currently MaltTeasers block is £1.50 at Sainsbury’s, or £1.70 at Asda) or five small packs (currently £1 at Tesco, Asda and Sainsbury’s) to get the ‘free’ ticket – just make sure they have the ‘Sweet Sundays’ promotion on them.

“Register the codes found on the bags online and you’ll receive a voucher which can be used on any 2D films on any Sunday until 12 November. And you can get two free tickets per person, not per household, so you can combine for more.”

Finally, Martin told viewers about a ten per cent off railcards deal offer.

He said: “Go online to the National Railcards website and you can get 10 per cent off four of its big annual railcards (usually only individual cards are discounted not all four) – the Two Together (two adults get a third off if they travel together), Family & Friends (up to four adults can get a third off and up to four kids can get 60 per cent off when travelling together), 16-25 (get one third off standard off-peak and advance fares) and the senior railcard (over 60s gets one third off travel).

“You need to apply online before 11.59pm Thursday 31 August and enter the code AUGUST10MS, so it’ll be £27 instead of the usual £30. Even if you do one trip worth over £80 – the saving will be worth the price of the card.”

For more information on savings account from Martin, click here.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here