Martin Lewis says millions are missing out on free money with savings mistake

Money Saving Expert Martin Lewis has urged everyone to check their savings accounts – or risk missing out on free money.

The financial whizz appeared on ITV’s This Morning last month, telling hosts Ruth Langsford and Eamonn Holmes that millions could be unwittingly losing money.

He urged people to be “active” and “aggressive” savers to get the best interest rates, but added that “millions” are not doing that.

“Millions across the nation have money sitting in high street savings accounts earning diddly-squat, often at 0.1% or less, and are scared to move it as they want safety,” Martin added in a top tips page on ITV's website.

“If that's you…stop it.

“There’s currently a way you can earn over 10 times that amount and it’s 100% safe.”

The coronavirus pandemic has devastated the British economy, with news today announcing the country is in the worst recession on record.

It has also meant banks have slashed interest rates, meaning now is more important than ever to change accounts.

“Sadly, it's another dire year for savers,” he said. “Following the Bank of England base rate cut a few months ago to 0.1% – the lowest in 325 year history – and as it wants people to spend more to spur on the economy, savings rates have continuously plummeted, and things don’t look set to improve.

“Yet also many people leave their savings with their own bank, or just sitting in old accounts; if that’s you, you’ll almost certainly earn nowt.

“So, check what your savings pay.

“Anything earning less than the top 1.16% easy-access rate needs moving. Don't dally – every day is lost interest.”

Currently, the government-run NS&I Income Bonds savings account offers the best easy access interest rates – at 1.16%.

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