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Martin Lewis: Money Saving Expert warns Britons to check saving accounts now

by ace
Martin Lewis: Money Saving Expert warns Britons to check saving accounts now

"Once you have an easy-access savings account for one year, everyone in the future will have to be transferred to a SEAR.

"This rate may still be low, but it will be a rate and it will be easier for people to find out about it.

"There are some interesting consequences," he explained.

“First and foremost, they said they expect higher savers rates to fall slightly, but lower rates to rise.

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"This is a little worrying for people who are actively moving their economies.

"We have some accounts where the rate remains good for over a year, which doesn't happen now."

He continued: "It will be a trouser fee, but it will be an exposed trouser fee.

"I think it's positive for all the people who never take care of their savings and just leaves them sitting somewhere and negative for the people who are always on top of their savings and take care of them."

Recently, in the week's "Martin Quick Deals", he revealed how viewers can earn up to £ 175 in "free" cash simply by switching bank accounts.

Leading to this morning, the money-saving expert shared his fast deals.

He told viewers that, to start the new year, he revealed that two banks have relaunched their bonus swap schemes.

The money-saving expert revealed that “new HSBC Advance account users earn £ 175” in free bonus in exchange for accounts.

However, he added: “You need to exchange at least two direct debts and pay at least £ 1,750 / month, which means only paying a salary of about £ 25,900 / year.

"You also have access to a linked 2.75% linked savings account where you can put up to £ 250 per month."

Alternatively, First Direct – which led Martin's latest customer service survey – is now offering a free £ 100 bonus for the exchange – he revealed that he was only giving £ 50 last year.

He said: “You can also save up to $ 300 a month with your linked 2.75% linked savings account, and most customers also get a $ 0 0% overdraft. You need to pay a thousand pounds in the first few three months. "

He encouraged viewers to switch accounts and made sure it was "easy."

"Don't forget to change accounts is easy," he said. "Within seven days, your old account is closed, all direct debit and standing orders are transferred and any payments sent to your old account are automatically forwarded to your new account," he added.

Martin revealed another benefit of exchanging bank accounts: it will improve credit score.

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