Martin Lewis urges anyone with a savings account to repeat action 'every day'

The BBC Sounds podcast presenter spoke out on the latest episode of his podcast, where he was joined by a mortgage broker, Monty, for a mortgage special of the programme this week.

Martin Lewis has issued a warning over having savings accounts - urging them to check rates DAILY to ensure they are maximising their pots. The BBC Sounds podcast presenter spoke out on the latest episode of his podcast, where he was joined by a mortgage broker, Monty, for a mortgage special of the programme this week.

The podcast, which drops weekly and is available on the likes of Apple Podcasts, Spotify and more, saw Mr Lewis also discuss savings accounts, amid fear "poor" rates are impacting savers up and down the country. Mr Lewis says the highest is at an average of 5.13%.

The ITV regular Lewis said: "It's worth talking about savings for a minute as we have been talking about mortgages, but the mirror of what is happening with mortgages is, with mortgages variable rates have stayed high and fixed rates are dropping. The same is happening with savings.

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"The easy access rates, which are the variable savings where you can put your money in and take it out, have stayed high but fixed rate savings had dropped. The highest access payer at the moment is at 5.15% and it's the cash ISA from Trading 212. The next highest is now Oxbury Bank at 5.13% with a 90-day notice."

He warned interest rates are changing "day by day" sharing: "So if you're looking to fix right now, there are no fixes available, apart from the one that's a bit tricky, over 5%," Mr Lewis - the Money Saving Expert founder - went on.

"So the question you have to decide when it comes to saving is, do I want to go for easy access savings? It's expected that the Bank of England base rate will be dropping soon. So most easy access savings will drop. The fixed rates that are available have factored in, to an extent, future drops. Just like with mortgages, savings fixed are based on long-term future predictions.

"So you might say 'Hmm I could go easy access because I can get a slightly high rate' or you might say 'I'm worried those fixed rates are going to drop even further. I'm going to get them while I can access them'. So there's actually a very mirror debate going on in savings about what you should do as there is in mortgages."