Martin Lewis reveals 'golden rules' for anyone with a savings account – act NOW to make £100s a month | The Sun

MARTIN Lewis has revealed his "golden rules" for anyone with a savings account and how taking action could make you hundreds.

Savers are looking to make the most of jumps in cash savings rates following a period of continuous base rate rises.

But last week, The Bank of England's Monetary Policy Committee (MPC) opted to hold the current base rate at 5.25%.

It marks the first time since December 2021 that the central bank has voted not to raise rates.

This means that the best deals might not be around for much longer.

To make sure savers make the most of rates now, Martin Lewis shared his two golden rules in the latest MoneySavingExpert (MSE) newsletter.



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Martin's first rule is: "As the top easy access accounts pay 5%-ish, that's the minimum you should be earning."

With an easy access account, you're usually able to withdraw your money any time you want without a fee.

The best account available now is currently Leeds Building Society's Limited Issue Online Access Account.

It pays customers 5.1% on maturity, as long as they have deposited at least £1,000.

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Martin said his second golden rule is: "Lock away up to £1,000,000 in total safety in NS&I's 6.2% one-year fix."

National Saving and Investments (NS&I) offer the best fixed-rate savings account right now.

With this type of account, your money is locked away for a specified amount of time – but you get a high interest rate in return.

You can either set up a Guaranteed Growth Bond, which will pay you a hefty lump sum at the end of the locked-away year – or the Guaranteed Income Bond, which earns you interest each month.

If you're going to reply on the extra cash, Martin recommends going for the income bond.

Both of these accounts allow you to deposit a minimum of £500, all the way up to a maximum of £1million, or £2million if you have a joint account.

Plus, unlike normal accounts where your savings are protected up to £85,000, every penny saved in an NS&I account is backed by the Treasury.

Where can I put my savings?

Those looking to lock money into cash ISAs or fixed bonds lasting for a year or more will now find average rates have risen above 5%.

The only downside to fixed bond accounts is that you're forced to lock away your cash for a defined period of time.

And average easy access account rates and rates on accounts where some notice needs to be given have also hit their highest levels since 2008.

Notice accounts form a halfway house between easy-access and fixed-rate bonds and their top rates sit between the two.

Monument is currently offering the best rate on a 7-day notice savings account, paying 5.05%.

But if you're willing to lock your money away for 95 days, you could 5.6% interest with RCI Bank UK.

It's always worth weighing up to see what's best for you.

How can I find the best savings rates?

With your current rates in mind, don't waste time looking at individual banking sites to compare rates – it'll take you an eternity.

Visit comparison websites such as MoneyFactsCompare, Go Compare and MoneySupermarket.

These will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

There are five main types of savings accounts, and understanding the differences can help you narrow down the options.



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  • Easy-access savings accounts – usually allow unlimited cash withdrawals. However, this perk means they tend to come with lower interest returns.
  • Regular savings accounts – generate decent returns but only on the basis that you pay in a set amount each month.
  • Notice accounts – offer slightly higher rates than easy-access accounts but you'll need to give advance notice to your bank (up to 95 days) before you can make a withdrawal or you'll forfeit the interest.
  • Fixed-rate bonds – these offer some of the highest interest rates. However, if interest rates increase during your term you can't move your money and switch to a better account.
  • Individual savings accounts (ISAs) – these can pay high interest but come with high withdrawal fees. But, Lifetime Isas are great for anyone aged 18-39 hoping to buy a house or save for retirement.

Meanwhile, thousands of customers will see their bank accounts closed for good following major change.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

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