Martin Lewis reveals bank account paying the best rate – and you don’t have to lock away your cash
MARTIN Lewis has revealed the bank account now paying the best rate which means you don’t have to lock away your cash.
The Money Saving Expert founder has issued new recommendations on how best to handle your finances amid the rising cost of living.
ITV‘s Good Morning Britain presenter Lewis shared an online update about the benefits of easy access accounts, which allow you to withdraw money at any time while receiving interest on what’s there.
The consumer expert warned that variable rates can go up or down rapidly and urged people to keep watch on his table showing which providers are currently promising the highest returns.
And he today signalled two firms are now giving the best available 5.2 per cent, one of them a major player.
Lewis tweeted: “The top easy access savings rate is now back up to 5.2%, and again its with one of the big name banking groups.”
His blog post revealed this to be NatWest Group with its Ulster Bank option.
He highlighted how withdrawals are “unlimited”, saying this made it “a good one to go for if you know you’ll often dip in to your savings”.
And he suggested NatWest’s involvement should “appeal to those who like saving with a name they’ve heard of”.
Yet he added that this rate is only available to people with at least £5,000 in their account.
Lewis did also recommend the Coventry Building Society, who are also offering a 5.2 per cent rate on an easy access account – and this time for anyone with only at least £1 deposited.
But he also cautioned how this only permitted three penalty-free withdrawals per year.
He added: “The fourth and any subsequent withdrawals are charged a penalty equal to 50 days’ interest on the amount withdrawn – so this won’t be a good fit if you know you’ll need frequent access.”
He recently identified another savings account which he said offered an “eye-watering” interest rate as he urged investors to act swiftly.
Lewis last month described government-backed National Saving and Investments as the best fixed-rate savings account around.
He also recently outlined his “golden rules” for people with savings account and how to make thousands through them.
The Bank of England‘s Monetary Policy Committee last month chose to hold the current base rate at 5.25%, the first time it has not been raised by the central bank since December 2021.
Experts including Lewis pointed out the prospect of lucrative deals not being around for much longer in response.
He also offered advice about a check which could pave the way for a £3,200 council tax rebate even if someone’s already been rejected.
And he explained how any adult worker with a workplace pension could access a “hidden pay rise” worth hundreds of thousands of pounds.