Martin Lewis gives critical advice for savings accounts as interest rates held
The Independent
2023-09-22
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Martin Lewis has issued advice to those with savings accounts as interest rates held for the first time in two years.
Speaking on Good Morning Britain on Friday (22 September), the MoneySavingExpert told those thinking about getting a fixed savings account to “open an account now” and fund it at the very last minute before its cut-off period for taking money out.
“We think, nobody knows... the top fixed savings rates are likely to shave down a little bit,” Lewis said.
The advice came after the Bank of England bank voted to keep rates at 5.25 per cent, ending a run of 14 consecutive hikes.
Speaking on Good Morning Britain on Friday (22 September), the MoneySavingExpert told those thinking about getting a fixed savings account to “open an account now” and fund it at the very last minute before its cut-off period for taking money out.
“We think, nobody knows... the top fixed savings rates are likely to shave down a little bit,” Lewis said.
The advice came after the Bank of England bank voted to keep rates at 5.25 per cent, ending a run of 14 consecutive hikes.
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