Martin Lewis is urging millions of people with money in a savings account to “check it now” as they could be missing out on higher interest rates. In a special savings episode of The Martin Lewis Money Show Live, the consumer champion warned that the Bank of England is expected to cut the base rate on November 7, which means the number of high interest savings rates on the market will start to decrease. The financial guru also covers the topic in detail in this week’ edition of the MoneySavingExpert (MSE.
com) newsletter, but basically, if your return rate is around 5 per cent, get on a comparison site and find a better deal to help boost your savings. He told ITV viewers: “Savers, this is a crucial moment to act, check now what rate you’re earning, if it’s less than 5 per cent-ish, we need to sort it.” In his savings ‘Masterclass’ on MSE.
com, Martin said: “Millions are on pants rates, and can easily and simply move the money to where it pays more. And if you're on a fix, diarise to act before it ends.” Martin took viewers through a graph displaying the pattern of Bank of England base rate, explaining that it is currently at 5 per cent, but “there is a likelihood” that it will drop to 4.
75 per cent on Thursday. He added that following last week’s Budget, the base rate is forecast to be cut by a further one per cent over the next 12 months - which means lock your money in a high interest account now to ensure you’re getting the best return. Martin .
