![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/martin-lewis-urges-households-to-stop-the-savings-rip-off/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/3_martin_lewis_money_show_live_09.jpg&description=MSE boss Martin Lewis says many Brits are being underpaid on savings accounts, but that the best deals are shooting up in price rapidly, with another rise likely from ThursdayMany banks pay 'dismal' rates to savers, Lewis warned MoneySavingExpert founder Martin Lewis is urging households to "stop the savings rip-off" and pick accounts paying decent interest. Speaking on the Martin Lewis Money Show Live, Lewis said many savings accounts were paying rates that are "less than dismal". But the good news is that the rates on the best savings deals are going up rapidly - and they'll pay far more than leaving cash sitting in your current account. "So the huge majority of you can earn far more if you ditch and switch," Lewis said. However, paying off debt before you start saving is a good idea, he added. The average easy-access account pays 0.75% interest a year, but the top one pays 2.5%. Easy-access savings accounts allow you to withdraw your money when you want - although some providers do limit how many withdrawals you can make a year. Others require that you deposit a certain amount to open the account. The top easy-access deals pay 2.5% - from Saga and Marcus. Many savers can get far better returns on their cash by swapping deals, Lewis said ( ITV/REX/Shutterstock) These are sister banks. Both let savers open accounts with deposits of at least £1, and both rates include a 0.25% bonus rate. However, both the Marcus and Saga deal are online-only. If you prefer to bank offline, Lewis said a Yorkshire Building Society deal also pays 2.5%, but only on balances up to £5,000. Balances of more than £5,000.01 earn 2% interest. The top one-year fixed-rate deal now pays 4.65%, from Oxbury Bank, but you must have at least £1,000 to open it. The best two-year deal, from RCI Bank, pays 4.85%. Again, you will need £1,000 to take out the deal. Fixed-rate accounts don't normally allow you to withdraw your money until the end of the term - not ideal for households who may need to acces){kind=link}
MSE boss Martin Lewis says many Brits are being underpaid on savings accounts, but that the best deals are shooting up in price rapidly, with another rise likely from Thursday
MoneySavingExpert founder Martin Lewis is urging households to “stop the savings rip-off” and pick accounts paying decent interest.
Speaking on the Martin Lewis Money Show Live, Lewis said many savings accounts were paying rates that are “less than dismal”.
But the good news is that the rates on the best savings deals are going up rapidly – and they’ll pay far more than leaving cash sitting in your current account.
“So the huge majority of you can earn far more if you ditch and switch,” Lewis said.