Martin Lewis issues warning to anyone with a savings account

Martin Lewis is encouraging millions of individuals with savings or cash in an ISA account to review their accounts as they could be losing out on higher interest rates.

The consumer champion cautioned that any savings rate below 4 per cent is earning "diddly squat" and now is the ideal time for some "savings self-care". In the most recent edition of the MoneySavingExpert.com (MSE.com) newsletter, the financial expert shared a guide on ensuring your hard-earned money stored away in a savings account is yielding the best return rate, reports the Daily Record.

Most of the interest rates in the checklist offer 5 per cent or more and there's also the 'Help to Save' account, which offers those on Universal Credit and Tax Credits an "unbeatable '' 50 per cent bonus after two years. Martin penned: "There's a pack of recent 5 per cent to 7 per cent paying, outlier savings; easy access, cash ISAs, LISAs and more, all smashing the opposition.

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"So many can easily, hugely increase their interest!"

He went on to say: "Boosting interest is usually simple: take your money out of a pee-poor interest account, then put it somewhere that pays more. Yet millions leave money earning diddly squat (check your savings, if it's under 4%, that's you). So it's time for some savings self-care."

He further noted that more providers are currently 'bucking the trend' and introducing higher rates.

Anyone concerned about transferring their savings to another account should note that all UK institutions offer the same £85,000 per person savings safety protection. So, if you're saving less than this amount, as long as it's with a UK-regulated institution, your