Martin Lewis warns anyone who's had same bank account 'for over a year'

Martin Lewis has issued a warning to anyone with money sat in a savings account. The BBC Sounds star, who presents a weekly podcast on Spotify, Apple Podcasts and more, has issued a stark reminder to people who have savings pots.

The ITV star spoke out after the Bank of England announced the base rate was dropping from 5 to 4.75 per cent - the second reduction of the year. Martin, the Money Saving Expert founder, said: "My big message for anyone with savings right now is that you need to check what interest rates you are paying...

"The fact that you had a good account a year ago doesn't mean it is anymore." MSE founder Martin reminded anyone with savings in an account lower than five per cent should check what other deals are out there on the market right now.

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"The next I would look at would be a fixed rate savings account," Martin added. "The difference is you get an absolute guarantee of what the rate will be for a set term, but in order to do that you need to lock money away."

I f you've yet to use this year's £20,000 allowance, we'd start with top-paying easy-access ISAs from Plum and Trading 212 at 5.18% and 5.17% respectively. If you know you'll need to dip into your savings often, Monument Bank offers a slightly lower 4.81% with unlimited penalty-free withdrawals.

If you don't want an ISA or have used up this year's allowance, the top-paying account is offered by app-based Atom Bank at 4.85%. Chetwood Bank offers an account at 4.71%, with no minimum deposit requirements.

Top well-known names include Leeds BS, 4.55%, Virgin Money, 4.51%, and Yorkshire BS, 4.35%. Cash is protected up to £85,000, too, the financial expert and consumer champion has said.