Martin Lewis Money Saving Expert reveals Goldman Sachs bank account with best the rate
MARTIN LEWIS the Money Saving Expert appeared on Good Morning Britain today and revealed a new bank account with the best interest rate on the market.
Martin Lewis reveals the BEST easy-access savings account
Martin Lewis, 45, financial journalist and founder of Money Saving Expert, revealed a new bank account with the best rate on the market.
The expert recommended Marcus by Goldman Sachs to ITV viewers this morning.
Goldman Sachs is a US investment bank in New York, but it is now open to members of the public.
However, Martin advised Britons to act fast, as the bank account with these high rates might not last long.
Goldman Sachs have launched bank called Marcus Bank, which was only open to its staff
Martin said: “Goldman Sachs have launched bank called Marcus Bank, which was only open to its staff.
“It’s paying 1.5 per cent, which is massively better than anything out there.”
The bank is safe, according to the expert.
He added: “It’s UK saving safety regulated, so you can put up to £85,000 in.
“They have launched it, I don’t know how long it will last because people will pile in.”
Martin often advises Britons about the best banks to put your money in.
To get some extra cash before Christmas he recommended a number of bank accounts with great switching rewards.
Top easy-access rate 1.5 per cent from Goldman Sachs
Giant US investment bank Goldman Sachs has launched its own retail bank (i.e. one for the likes of you and me) it’s called Marcus Bank and this morning it’s launching its first savings account available to everyone (before it was just its own staff).
The new account pays 1.5 per cent AER – smashing the pants of the previous top rate from Yorkshire Bank at 1.41 per cent and this is the highest easy access savings rate we’ve seen since early 2016.
The rate includes a 0.15 per cent bonus for 12months – so after a year the rate will drop slightly, so monitor that. It has unlimited withdrawals, is operated online and you can save £1 to £250,000 in. I suspect it is going to drown with applications so I have no idea how long it will last.
The account has the full UK £85,000 per person per institution savings safety protection.
He appeared on Lorraine on Tuesday to help Britons make Christmas a little more affordable.
He said there are “lots of methods you can use to get cash in your pockets. Let me give you three tips from the show.”
“Switch your bank account right now because they are willing to pay you to switch,” Martin said.
He recommended that HSBC will pay you £150 to switch, while First Direct offers a range of incentives including Bose £150 headphones, and they are number one rated for customer service.
M&S are offering a £125 discount card and then £25 each month.
Martin said: “Then you either have money or presents in your pocket in time for Christmas.”
How can you save £400 a year on water bills?
Martin Lewis’s Money Saving Show revealed the trick to cheaper bills on Tuesday night.
Martin advised: “Get a water meter for free - if you have the same or more bedrooms in your house than people you should check out getting a water metre.
“Your bill is based on the rentable value of your house, but your usage is low.”
If you’re prepared to lock cash away though you can beat it and earn over 2 per cent - see Martin’s top savings guide for full help.