Martin Lewis tells savers they could "quadruple" what they earn in interest on their savings if they switch banks.
Last night's Martin Lewis Money Show Live on ITV was all about savings. In the episode, the MoneySavingExpert.com founder told viewers that "millions" of people were still being ripped off by their banks on the interest rates they were offered.
Martin opened the show by saying: "It's time to stop the savings of a ripoff. The top savings account now pays 8%. Now what I call the savings roll of dishonour includes Halifax tsp Barclays, Santander NatWest, RBS, Lloyds, HSBC, first direct and nationwide, as they all still have accounts offering under 2.5%. So no surprise millions of you are underpaid."
"So tonight, I want to tap into your fiscal disloyalty and double, triple or even quadruple what your savings earn with a step by step guide to maximising every penny."
Martin first highlighted the savings accounts paying the best interest rate at te moment. He explained however that these accounts were regular savers and would mean your cash pot would be locked away until the term on your account ends.
He told viewers that the "best" interest rate offered was from Nationwide with their Regular Saver account. This offers an 8% interest rate and over the course of 12 months, you could earn £103 in interest per £3,000 saved.
Martin explained how the account doesn't require regular contributions to your savings account but monthly contributions are capped at £200 a month. This means you can only save a maximum of £2,400 a year.
Martin then highlighted the next top-paying account which is the regular saver from first direct who is paying 7%. With a £300 monthly cap, Brits could save £3,600 over the year and earn £135 in interest. Martin also told viewers that Yorkshire, Skipton, Lloyds, NatWest, TSB, Halifax and Bank of Scotland offer rates between 5% and 7.5%.
The Money Saving Expert founder also reminded his ITV audience and viewers that they don't need to only have one savings account for their money. For those with bigger savings pots, Martin said they could "drip feed" into the different savings accounts meaning they can benefit from the highest rates.
Martin told his Money Show Live: "The highest possible interest rates come from regular savings accounts. Now these give you higher rates, but you can only put small amounts in as they are designed for putting money away each month.
"If you do have a lump sum, what you could do is just drip feed the money from your normal savings into these to get absolutely maximum interest if you're trying to do so. You could have more than one of these in different institutions. So you could have two or three different institutions. So some people could save over a grand at over 6%."