Martin Lewis reveals top saving accounts with best interest rates

Martin Lewis shares the best savings account with highest interestThe Martin Lewis Money Show, ITV

Transcript

00:00 First direct, 7%.

00:02 That rate is fixed.

00:03 You have to contribute each month,

00:05 but you can put more in, 300 pounds a month.

00:08 So in total over the year, you would earn more interest

00:10 'cause even though the rate's lower,

00:12 you're putting more money in there.

00:14 And it pays you 175 pounds.

00:16 And if you add those up,

00:17 for those who can max the savings out,

00:18 that's actually slightly more than nationwide.

00:20 It's also a top overseas card, spending overseas,

00:23 and it's got 250 pounds, 0% overdraft.

00:25 And if you're with any of these,

00:27 Yorkshire, Skipton, Lloyds, NatWest, TSB,

00:29 Halifax and Bank of Scotland,

00:31 then all of those have linked regular savers

00:33 between five and 7.5%, which you could take advantage of.

00:36 So if you bank with any of those places,

00:38 have a look at what it is offering you.

00:40 If you don't, or you want to open

00:42 a second or third account,

00:44 anybody can open the Saffron Building Society account.

00:46 It pays 5.75%.

00:48 You can only put 50 quid a month in it though,

00:49 which isn't that much.

00:50 Coventry doesn't beat fixed accounts.

00:53 So if you've got lump sums, I wouldn't use it,

00:54 but if you've got easy access

00:55 and you're putting money away each month,

00:57 Coventry Building Society, 5.5%, one year,

01:00 it's a variable rate, up to 500 quid a month in,

01:02 you'd get £179 interest.

01:04 So the absolute maximum interest you can earn on your money

01:08 is with these regular savings accounts.