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Are you ready to make yourself some extra cash from your savings? Of course you are! Cue our favourite Money saving Expert, Martin Lewis, who has tracked down a great new rate on a fixed-savings account. Plus, he’s got the lowdown on an easy access account if you don’t fancy tying your money up for a year.
In his regular advice slot on Friday’s This Morning, the financial guru spilled the beans. Whether you’re saving for a new kitchen, extension, or a trolley dash in the Aldi Specialbuys aisle, you need to read this.
‘I’m going to start with a new top savings account, specifically, a one-year fixed savings,’ said Martin. ‘Now, that’s for people who can lock their money away. Fixed rates pay more and the rate that you get is guaranteed.’
‘Shawbrook Bank is the new top payer. It pays 2.02% on a minimum of £1,000 saved. Like all saving I mention it’s got the full UK £85,000 savings safety protection,’ Martin explains
So to clarify, for every £1,000 you save, you’ll get £20 back annually, and you can invest up to £2,000,000.
And that savings protection is key – remember when banks like Northern Rock went bust? With this guarantee, you will receive up to £85,000 in compensation if your financial institution were to go bust, so your savings won’t go up in smoke.
Martin also has a tip off for anyone looking for a good rate on saving that they can get to immediately if they’re needed.
‘If you don’t want to lock your money away – or don’t want to lock all of it away – then the top easy access account that you can withdraw from whenever you want is with Marcus Bank, which is part of Goldman Sachs,’ says Martin
‘It pays 1.5% and you only need £1 to open it.’ That equates to a £15 annual return on every £1,000 you invest.
‘Go and check what your savings are paying you right now,’ advises Martin. ‘Most people’s are earning far less. If so, move your money out and put it somewhere where it pays more.’
Sound advice indeed! What would we do without you Martin?