Martin Lewis shares best savings accounts – how to make sure your money is ‘protected’ | Personal Finance | Finance
On This Morning earlier, Martin Lewis said most people are probably only getting 0.1 percent interest on their savings right now. However, it’s possible to receive a higher interest rate while making sure money is still protected.
Mr Lewis continued: “So I’d be looking at where you can get the most interest as long as it’s a UK regulated savings account your money is protected and it’s safe.
“But make sure you’re maximising the interest – I’d go online and look at best buy savings.”
It’s not the first time the financial guru has highlighted the JP Morgan Chase account.
In last week’s MSE newsletter, he said the “standout is giant US bank JP Morgan’s new UK Chase savings paying 1.5 percent AER variable”.
In the MSE newsletter, he said: “To get it, just open its free app-based current account (you don’t need to switch bank to get it), then just open the savings in the app.
“We’ve been raving about it, as the current account debit card also gives one percent cashback for 12 months and cheap spending abroad.”
MSE fan Jo emailed: “I moved all of my savings to Chase as my circumstances require instant access to my money.
“This will make an extra £480 interest for me this year, plus approx £70 cashback from monthly spending.”
Shaun Port, managing director of savings and investments for Chase in the UK, said savers need flexibility right now.
Speaking at the launch, he said: “With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly.
“We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate.
“Savers can set up multiple accounts via the Chase app, each with a unique account number, making it easy to organise their savings for specific goals.”
MSE’s weekly Money Tips email has 8.4 million subscribers and is published on Wednesday. The latest Money Tips email can be viewed here.
