Martin Lewis: Top quick access financial savings accounts as Marcus and Saga slash rates of interest | Personal Finance | Finance


Martin Lewis returned to ITV on Thursday, internet hosting The Martin Lewis Money Show alongside co-presenter Angellica Bell. During the episode, the monetary journalist, who’s the founding father of Money Saving Expert, was requested the place savers may discover the present prime paying financial savings accounts.

“You’ll know just lately it has been the Marcus and Saga account that’ve talked about earlier than.

“Both dropped their rates of interest this week.Marcus to 1.05 % and Saga to at least one %.

“That’s still pretty high relative, would you believe.”

For those that at the moment are on the lookout for the best rates of interest on quick access financial savings accounts, Mr Lewis has now identified a special account.

However, he warned that it might not final for lengthy.

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“Top easy access account on the market at the moment is RCI Bank at 1.2 percent. But I think that may drop,” he mentioned.

For these on the lookout for some short-term certainty, the monetary journalist flagged a comparatively excessive paying quick access account which requires prospects to get a warning two months forward of slicing charges.

This is with government-backed National Savings and Investments (NS&I).

The financial savings financial institution at present presents a 1.15 % gross/1.16 % AER charge on Income Bonds.

“There’s an interesting one which is NS&I, the state owned financial institution, 1.16 percent easy access there, and it has to give you at least two months notice to drop its rate, so you’ll get at least two months, probably more if you do easy access with it,” he mentioned.

In phrases of fastened charges, Mr Lewis mentioned: “Top one year fix is the Habib Zurich Bank, 1.45 percent, I know the name may not sound like it but it’s a fully UK regulated bank so you get the £85,000 savings protection in that one.”

Marcus, operated by Goldman Sachs, has acknowledged it’s decreasing the rate of interest on its Online Savings Account from 1.20 % to 1.05 % AER variable.

For new prospects, the brand new charges will apply instantly – as of May 13, 2020.

Exisiting prospects will get a minimum of 14 days discover of the change, Marcus representatives mentioned.

The change will come into impact for these savers on May 30, 2020.

Any bonus charges that present prospects have signed up with can be unaffected.

Saga can be slicing rates of interest – from 1.20 % to 1.00 % AER variable, with a bonus of 0.20 % gross fastened for the primary 12 months.

For new prospects, the charges apply instantly from May 13, 2020, and present prospects can count on to obtain a letter giving 14 days discover of the change – which is able to have an effect on them from May 30.

Like the Marcus accounts, present bonus charges are unaffected.

The Martin Lewis Money Show Live continues on Thursday on ITV at 8.02pm.



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