BIG MONEY
Martin Lewis says some Brits with a bank account can ‘quadruple’ interest & get £1,000s a year
There are a number of banks that offer great savings rates
EVERY Brit with a bank account could QUADRUPLE what they get in interest on their savings if they switch banks.
Money wizard Martin Lewis says millions are sticking with rates as low as 1.2 percent.
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These give measly returns on your hard earned cash.
But switching to Nationwide could see you paid up to £103-a-year in interest on your savings per £3,000 saved, he explained on the Martin Lewis Money Show last night.
That's because the bank offers 8 percent saving rates on a one year variable.
Nationwide does not require regular contributions to your savings account but these are capped at £200 a month.
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That means you can save a maximum £2,400 a year - unlocking the £103 interest over 12 months.
What's more, Nationwide offer £200 to new joiners and a zero percent overdraft.
But savers with more cash don't have to be limited by contribution requirements.
Martin told his Money Show Live: "You could have more than one of these in different institutions.
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"So you could have two or three different institutions. So some people could save over a grand at over six percent."
First Direct offers seven percent on a one year fixed rate and allows savers to contribute up to £300 a month.
That means they could get £135 a year in interest on savings of £3,600 if they are maxing out contributions each months.
You can Nationwide and First Direct
Yorkshire, Skipton, Lloyds, NatWest, TSB, Halifax and Bank of Scotland offer rates between five and 7.5 percent.