Martin Lewis is the Money Saving Expert who has shared more top tips for Britons. Speaking on The Martin Lewis Money Show, he told the viewers the best savings accounts available right now. Britons may be able to see savings by switching to the Marcus account, he suggested this evening.
Many people will open a savings account in order to get the most out of their money.
With so many different accounts available, knowing which one will give the best interest can be a challenge.
Speaking of savings accounts, he said: “Saving is when you put money away in a defined place where your capital is absolutely protected and you get a defined amount of interest which you know in advance on top.
“Saving is total safety on your money, you may lose compared to inflation, but what you put in is your money and the capital you put in will be protected.”
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Appearing on his show, Martin told Britons they may want to opt for a top easy access savers account.
He said: “Top easy access is the obvious starting point. The top easy access account at the moment is Marcus.
“Easy access means you can put money in whenever you want and take it out whenever you want.”
He revealed the Marcus savings account was currently offering the best rates, which was 1.35 percent.
The Money Saving Expert also revealed the Nationwide current account could help Britons boost their interest.
He added: “Nationwide flex direct is a bank account, not a savings account.
“Put money in there and you earn five percent on up to £2,500 for the first year. It is good for those who have smaller lump sums.”
Last week, Martin appeared on Good Morning Britain to give more information on the savings accounts with the best interest rates.
He said Santander 123 accounts were about to slash their interest rates and what this would mean for customers.
“Santander announced massive changes to its popular 123 and 123 Lite current accounts,” Martin said. “And for most that means it will become a ‘dead duck’.
“The interest earned will drop from 1.5 percent AER to one percent AER on balances up to £20,000, meaning the maximum amount savers can earn from the account will drop by around £100 per year.”
He explained customers should switch and revealed the accounts offering the best rates.
“For most now Santander 123 is now a ‘dead duck’ current account. There’s little reason for anyone to stick to it,” Martin added.
“Instead once the Santander interest rate drops, you can shift your savings to a better-paying account.
“The top easy access savings account right now pays 1.35 percent with Marcus Bank.”