Martin Lewis urges people with savings accounts to ‘check them now’

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Martin Lewis has issued a warning to those with money in a savings account to “check it now.”

He’s urged people to see if they’re being underpaid, and encouraged people to check savings pots to make sure you’re getting the best value for your money.

The Money Saving Expert is known for his savvy saving hacks and in recent updates he said those with savings pot, big or small, need to review.

Top savings rates have jumped to their highest levels since July 2019 and Martin said that if your savings rates are less than 1.5 per cent you’re being underpaid.

Martin Lewis has issued a warning to those with money in a savings account to "check it now"
Martin Lewis has issued a warning to those with money in a savings account to “check it now”

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He said: “Don’t stand for it. The minimum savings should pay is 1.5% – as that’s what you can get in the top easy-access account. If you’ve not switched savings account in the last couple of years, you’re likely earning just 0.1% or less.

“Even if you opened a decent account a few months ago, as rates have increased, you’re still likely earning little more than half of what today’s top accounts pay. Though of course you know that, as you’ve already checked… sorry for going on about it.”

In his latest newsletter, Martin urges people to see if they can get a better deal on interest rates elsewhere.

He put together a list of those offering 1.2, 1.5 and 2.3 per cent, if you put away cash for a fixed term.

It comes after Martin shared some of the tips people are using to try and save money amid the cost of living crisis.

The personal finance expert has put together an extensive guide to help people make the most of their money and cut costs where possible, including crowdsourced responses from his many followers.

Martin shared some of the tips people are using to try and save money
Martin shared some of the tips people are using to try and save money

Suggesting a few ways she saved money, one of Martin’s followers said: “If you use your oven, use it to cook multiple things/meals then freeze the ones you don’t need and reheat in the microwave.

“Shorten your wash cycles, use the rapid wash on your machine and not the longer ones. Watch the weather report. Sun due out, washing goes in the day before.”

Another follower then asked her which cycle on a washing machine is the right one to use to save a bit more energy. She replied: “Rapid works fine and I think is cheaper. Pre-soak big stains in cold water before washing.”

Boiling water once, then storing it in a flask, is one way to save money
Boiling water once, then storing it in a flask, is one way to save money

Another added: “I’ve used the quick wash for years. Never had a problem.

“As I live alone I invested in a combi microwave oven so I don’t need the big one. Use lids on pans and turn gas/electricity down. Close doors and make door sausages for every room.”

One money saver said that boiling water once, then storing it in a flask, instead of re-boiling every time you want a drink, is one way to cut down electricity use.

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