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Liverpool Echo
Liverpool Echo
Kate Lally

Martin Lewis urging millions of 'underpaid' people to act now

Martin Lewis has said millions of people are being "underpaid" as he urges them to act now.

The Money Saving Expert founder regularly is known for his switching and money-saving tips, but as the cost of living worsens, recent events have left even him at a loss at how to help people. However, on Wednesday Mr Lewis tweeted about three simple checks people can make to see if they can get more cash.

He said: "Do you have a cash ISA? Millions who do are being underpaid."

READ MORE: Man left £80k in debt after clicking on 'ridiculous' websites

The three checks are as follows: "Could you earn more in normal savings? - Should you switch cash ISA to earn more? - Should you pay fixed ISA penalty, ditch & switch?".

He then added a link to an MSE article in which he explains further, adding: "For those with larger savings, as a cash ISA is just a savings account you can put £20,000 in per tax year where interest is never taxed, and doesn't count towards the PSA [Personal Savings Allowance], then for saving that'd have tax taken off, they're a winner (so you could have normal savings for some of your money, cash ISAs for the rest)."

MSE has launched a new ISAs calculator to see if people should "switch and ditch" in order to save more money, Mr Lewis adds that "most people should".

Mr Lewis said: "The top cash ISA rates have more than trebled in the last year. Even before that, millions with cash ISAs were underpaid. Now the gap is even bigger. If you have one of these tax-free savings accounts, do my cash ISA check-up now to see if you can gain £100s more interest to reduce the bite of inflation."

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