Martin Lewis issues 'important' warning to anyone who has savings

Martin Lewis has issued an "important" warning to anybody who has savings. BBC and ITV star Martin has explored savings rates in his latest podcast, discussing how rates are dropping with it vital to act NOW to sort out interest.

Mr Lewis said: "Got savings? Interest rates are dropping so it's important to ensure you act now to sort your interest. I take you through it in this pod..." He added: "New Pod: Savings Q&A, how to boost interest | Is Black Friday about deals or duds | Acts of financial kindness (restores your faith in humanity) | Energy price cap news and more. Do listen..."

Mr Lewis answers your questions about savings, covering everything from ISAs to everyday savers. "Martin also answers the question: is Black Friday the real deal or just another dud?" the synopsis reads, adding: "The listeners ‘Tell Us’ about their unrequested, unrequited acts of financial kindness.

READ MORE All the nine parts of UK facing 15 inches of snow on Saturday

"And there’s a Mastermind looking at energy bills…" In reply, a Twitter/X user wrote: "Isn't the problem that if you have a few savings spread around they all drop rates at different times, so changing becomes pointless unless you wait a couple of weeks to see what all accounts do? Otherwise you open a new account then that drops!"

"Or consider putting some savings into pension. I respect your not an adviser," a second typed. "I've recently reinvested a maturing bond. One year fixed rates were ½% higher than two year fixed rate bonds. Labour are notorious at high borrowing & high inflation so I'm thinking rates won't drop that much. What's your view?" asked another.

"We have to save for our old age but when we do we are stumped because of interest rates being low," another wrote. "This stresses me out so much, who knows what to do?" they asked.