He says there's a 'savings rip off' at present
Financial guru Martin Lewis has handed out more tips to savers about checking interest rates - and he says to act now if yours is under 2.5 percent. The ITV money man has urged residents in the UK with a savings account to have a look at their interest rates, revealing 2.5 percent is the minimum anyone should be earning on their savings.
The Daily Record reports that this is because the interest you’re earning - even in top savings accounts - is far less than inflation. Speaking to co-presenter Nihal Arthanayake: “Most people who have got savings are earning less than 1%, the average easy-access savings account is paying just 0.75%.”He added: “I want to show you how to stop the savings rip-off and it is indeed a rip-off for most, you should not be earning anything less than 2.
During the podcasting session, Nihal went on to check up on his own savings rate and was astounded to discover that his rate was only 0.5 percent - calling it a 'liberty'. Martin responded: “Let Nihal’s lackadaisical attitude to money be a lesson to all of you listening.
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