Martin Lewis Urges Brits to Take Advantage of Higher Interest Rates
Money expert Martin Lewis is urging every Brit with a bank account to consider switching banks in order to significantly increase their interest rates on savings. Currently, millions of people are stuck with rates as low as 1.2 percent, which provide meager returns on their hard-earned cash. However, by switching to Nationwide, savers could receive up to £103 per year in interest on their savings.
Nationwide Offers 8 Percent Saving Rates
Nationwide is offering an attractive 8 percent saving rate on a one-year variable. While there are no requirements for regular contributions to the savings account, contributions are capped at £200 per month. This means that savers can save a maximum of £2,400 per year and unlock the £103 interest over a 12-month period.
Additional Benefits of Switching to Nationwide
Switching to Nationwide not only offers higher interest rates, but new joiners also receive a £200 bonus and can enjoy a zero percent overdraft. Savers with more cash can also explore the option of opening multiple accounts with different institutions to maximize their savings. For example, First Direct offers a seven percent interest rate on a one-year fixed rate and allows savers to contribute up to £300 per month, potentially earning them £135 in interest per year on savings of £3,600.
Other Banks with Competitive Rates
Aside from Nationwide and First Direct, several other banks offer competitive rates between five and 7.5 percent. These include Yorkshire, Skipton, Lloyds, NatWest, TSB, Halifax, and Bank of Scotland.
With the potential to quadruple interest rates on savings, switching banks could be a lucrative move for UK savers. By taking advantage of higher interest rates, Brits can make their money work harder for them and enjoy greater returns on their savings.
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