The finance guru is warning to check how much interest your accounts are making
It pays to keep an eye on your money and with the cost of living crisis eating into savings, financial guru Martin Lewis is urging particular vigilance. He has now issued an urgent warning to everyone with money in a savings account.
During the latest edition of The Martin Lewis Podcast on BBC Radio 5live, Nottinghamshire Live sister publication, Daily Record, noted that the consumer champion was explaining a “savings rip-off”. On the programme, he said that with inflation currently running at over 10%, most savings aren’t savings, they are in fact “losings” because the interest you’re earning - even in top savings accounts - is far less than inflation.
“Now that isn’t a reason not to get the best savings interest rates, in fact, I would say it should put more of a fire up your backside because the more you earn in savings, the more you mitigate the damage of inflation on the cash that you have worked hard to store up over the years.” Martin said: “Let Nihal’s lackadaisical attitude to money be a lesson to all of you listening. The vast majority of you have savings paying virtually nothing, everybody listening unless you’ve done this exercise in the last few weeks need to check now what interest you are earning on your savings. In almost all cases, unless you’re in a fix, to change savings you just withdraw the money and you put it in a new account.
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