Photo by Take Control of Your Savings with Martin Lewis’ Expert Advice
Martin Lewis, the founder of Money Saving Expert, has some valuable advice for individuals looking to maximize their savings. Lewis emphasizes the importance of having two specific types of accounts to get the best returns on your hard-earned money.
Maximize your savings with Martin Lewis’ expert advice
“You should have easy access for the ones you need to get hold of… but also fixing,” Lewis explained in his BBC podcast. This strategy allows individuals to take advantage of the best interest rates available by distributing their funds across different types of accounts.
Easy access accounts offer flexibility and adjust with the UK base rate, while fixed-rate accounts remain steady regardless of rate fluctuations. This means that if the base rate declines, the fixed rates stay locked in. Lewis notes that there is no limit to the number of savings accounts one can have and urges people to “put every penny where it can earn the most interest.”
Maximize your interest with multiple savings accounts
However, Lewis also warns against having too many accounts, citing the risk of “pants accounts” that offer low interest rates. “If you’re not on top of it, just putting it in one place where, when that ends, you’d be bothered to move it somewhere else is better than having a ‘good idea’ that ‘I’m going to put it in five or six different accounts,’” he advises.
Stay on top of your finances with smart money management
Lewis specifically highlights an opportunity for Nationwide customers, recommending the “unbeatable” 5.5% interest rate on an 18-month fixed-rate account. This special offer is open only to individuals who were customers of Nationwide as of May 22nd, requiring a minimum opening balance of £1 and allowing for up to £10,000 to be deposited.
Take advantage of Nationwide’s unbeatable interest rate
By following Martin Lewis’ expert advice, individuals can optimize their savings and make the most of their hard-earned money.
