UK news Martin Lewis issues urgent warning for saving account holders last minute news

MetiNews.Com - Moving your money into Lifetime ISAs are just one way Martin Lewis says you can save

UK news Martin Lewis issues urgent warning for saving account holders last minute news

MetiNews.Com - Moving your money into Lifetime ISAs are just one way Martin Lewis says you can save

UK news Martin Lewis issues urgent warning for saving account holders last minute news
22 November 2020 - 16:30

Breaking News ! With interest rates at an all time low, Martin Lewis from MoneySavingExpert has said it is the worst time to be a saver in the last 20 years. But Martin has given four useful tips and tricks to make the most of your savings account. But this comes as National Savings and Investments (NS&I) say it is about to slash payments to next to nothing. The government agency (which offers saving and investment products to the public) is cutting its main savings rates from 1.16% to just 0.01%. But that doesn't mean you should just give up - Martin has shared his four best tips to help you make your savings work for you: 1. Overpay debts where possible The Martin Lewis Money Show (Image: ITV) "Overpaying often beats saving," Martin explained. "If the interest you're charged for debt is higher than what you earn on savings, clearing the debt pays." 2. Move your money Martin is also urging people to move their money into better paid interest accounts but warns that rates can change fast. Current accounts offer different interest rates and perks, so it is well worth doing your research beforehand. Martin explained that West Bromwich Building Society offers the best rates at the moment with 0.75% AER.

. The account has a random perk as well - with people switching to the current account getting 15 bottles of wine. 3. For certainty, lock your rate in with a bond Martin described this as the "risk-averse bet". He said: "Here, the rate and your money is locked in (ie, you can't access it - so only put away what you definitely won't need)." However he did warn that you could lose out if rates start to rise within the fixed term.  Read More Related Articles Three tier system after lockdown UK: New guidelines for going to pubs and restaurants when lockdown ends Read More Related Articles When is Boris Johnson's next announcement? Prime Minister to say a 'normal' Christmas can't happen this year The top payer over one year is Tandem's 1.05% AER fix (min £1,000). 4. Deals that pay 50% - for some Standard savings products aren't the only option, a Lifetime ISA may be worth looking into. There are a range of different Lifetime ISAs available and some of which, like Moneybox, give a 25% boost on savings providing you use the money to buy a first home or wait until you are 60 to cash it in. Cash ISAs are another option worth investigating. You can use the widget below to get local support during the pandemic:   If you pay tax on savings (ie make more than £1,000 in interest a year as a basic rate taxpayer or £500 in interest a year as a higher-rate taxpayer) then a Cash ISA may be better suited to you. The Premium Bonds prize fund works out at a 1% rate overall - and you can withdraw your money in 7 days if you need it - but it's entirely dependent on luck how much you get.

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UK news Martin Lewis issues urgent warning for saving account holders last minute news


UK news Martin Lewis issues urgent warning for saving account holders last minute news


UK news Martin Lewis issues urgent warning for saving account holders last minute news


UK news Martin Lewis issues urgent warning for saving account holders last minute news

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