Martin Lewis issues urgent advice about savings accounts

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  • Money Saving Expert's Martin Lewis has advised consumers to check their savings accounts amid interest predictions.

    Martin Lewis has been dishing out plenty of good advice during lockdown, and recently he’s been discussing interest rates.

    During an appearance on The Emma Barnett Show on BBC Radio 5Live, he explained where people could find his “best buy” option.

    He spoke about the current top paying interest rates on easy access savings, and how to ensure security on variable rate products.

    He said, “The best place to save easy access right now is also the safest place to save easy access.

    “I don’t say that often, in fact, it’s the first time I’ve said it in the 20-odd years that I have been the Money Saving Expert.

    “And, not only is it the best place to save but the second best place to save and the third best place to save.”

    Martin Lewis savings accounts

    Credit: Getty Images.

    Martin explained that these accounts provided by the government-backed savings bank NS&I  (National Savings and Investments).

    Knowing that it can often get a bit confusing for customers, Martin went on to clarify exactly what an NS&I was.

    Read more: Martin Lewis: how to protect your finances during coronavirus

    He said, “Currently right now you’ve got NS&I Income Bonds pay 1.16 percent minimum £500 – you have to put in and take out in £500 blocks.

    “It’s called an Income Bond – it’s an easy access savings – because instead of paying the money in the account, they pay the money to you as income which means it doesn’t compound.”

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