Martin Lewis has issued an urgent warning to anyone with money in a savings account to "check it now".
The Money Saving Expert said many people could be being underpaid as he encourages everyone to review their savings. As the cost of living crisis continues and more families are forced to tighten their belts, any saving tips would be welcome.
In his latest moneysaving.com newsletter, the founder said it is estimated UK households put a staggering £180billion extra aside in savings during the pandemic. This was due to lower costs as more people were able to work from home.
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However, rock-bottom interest rates meant barely any rewards. But now, top savings rates have jumped to their highest levels since July 2019, Mr Lewis adds. He went on to say that if your savings rates are less than 1.5%, you are being underpaid and "don't stand for it."
He said: "The minimum savings should pay is 1.5% - as that's what you can get in the top easy-access account. If you've not switched savings account in the last couple of years, you're likely earning just 0.1% or less.
"Even if you opened a decent account a few months ago, as rates have increased, you're still likely earning little more than half of what today's top accounts pay. Though of course you know that, as you've already checked... sorry for going on about it."
Mr Lewis is encouraging people to check if they can get a better deal on interest rates elsewhere. In his latest newsletter he has put together a list of options and has also put together top tips for a first-time buyer or a saver under 16. The full details can be found here.
