Martin Lewis issues urgent advice about savings accounts

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 onThe Emma Barnett Showon 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 explained that these accounts provided by the government-backed savings bankNS&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.”

Martin added, “All of those, because they’re with NS&I, which is government state-owned, effectively you’re saving with the government.

“So normally I talk about the £85,000 UK savings safety protection, but here, all your money is protected by the state.

“So for those who have got big money and want to keep it somewhere safe, you’re getting the best paying and total safety.”

FromGoodtoKnow,our sister site.