Martin Lewis has revealed two savings accounts he particularly recommends for those looking to lock their money away for a rainy day.
Appearing on This Morning last month, the 44-year-old financial expert recommended the OakNorth Bank and Paragon Bank.
The expert revealed that rates for fixed saving accounts are higher now.
Martin said: “Savings rates have been dire the past few years, and a couple of weeks ago I mentioned one of the best ways to earn ‘high’ interest is by fixing your money (so you can’t access it), as then the highest one-year fix was 1.8 per cent and two-year fix was 2 per cent with Atom Bank.
Martin Lewis Money Saving Expert: This is the savings account for high rates on savings
Martin Lewis Money Saving Expert claims this is the savings account for high rates on savings
“But now, rates have improved slightly and you can now fix for a year with OakNorth Bank at 1.86 per cent or two-years with Paragon Bank at 2.05 per cent – the highest rates we’ve seen in months.”
Martin told the good news to Holly Willoughby and Phillip Scofield.
He then gave his professional recommendations for the best accounts that follow these new rates.
“Check your own savings, you’ll likely be earning less than one per cent.
Martin Lewis: Financial expert recommended the OakNorth Bank and Paragon Bank
“Both banks are fully regulated which means in the unlikely event something goes wrong you get the full UK £85,000 per person, per institution savings safety guarantee.”
Martin also recently claimed that the Nationwide FlexDirect account is one of the best accounts for saving.
Writing on the Money Saving Expert website, Martin explained: “Switch to the Nationwide FlexDirect account and you’ll get an interest rate of 5% AER on the first £2,500 of your cash.
“This rate is fixed for the first year you hold the account, which gives some security in a world of uncertain savings rates.
Martin Lewis: Expert revealed that rates for fixed saving accounts are higher now
“Be aware that it drops to 1% from year two, so look around then to see if it can be beaten.”
Martin recently issued an urgent warning over scam Facebook ads claiming to have his endorsement.
The con uses Martin’s face to persuade customers to spend money with them.
Martin released a video to reveal the tricks these companies were using to trick companies.