{"id":187212,"date":"2020-08-10T12:04:37","date_gmt":"2020-08-10T11:04:37","guid":{"rendered":"http:\/\/www.fiveminutesspare.com\/news\/?p=187212"},"modified":"2020-08-10T12:04:54","modified_gmt":"2020-08-10T11:04:54","slug":"uk-savings-accounts-could-be-losing-you-money","status":"publish","type":"post","link":"https:\/\/www.fiveminutesspare.com\/news\/uk-savings-accounts-could-be-losing-you-money\/","title":{"rendered":"UK Savings Accounts Could Be Losing You Money"},"content":{"rendered":"

Martin Lewis, This Morning\u2019s Money Saving Expert, \u00a0has said millions of British citizens may be losing money – simply by keeping their money in a savings account.\u00a0<\/strong><\/p>\n

\"\"

\u00a310 notes.<\/p><\/div>\n

He was speaking on the show about how right now could be the best time to be making money by putting it in an account. But, not the 0.1% interest savings accounts offered to us so frequently.<\/p>\n

He said:\u00a0“Millions across the nation have money sitting in high street savings accounts earning diddly-squat, often at 0 .1% or less, and are scared to move it as they want safety.<\/p>\n

“If that’s you…stop it.<\/p>\n

“There\u2019s currently a way you can earn over ten times that amount and it\u2019s 100% safe.”<\/p>\n

Another way to look at it is comparing your interest % to the current inflation percentage. If it\u2019s any less than the inflation, you\u2019re sadly losing money by keeping your funds in such account.<\/p>\n

He continued: “Sadly, it’s another dire year for savers. Following the Bank of England base rate cut a few months ago to 0 .1% – the lowest in 325 year history \u2013 and as it wants people to spend more to spur on the economy, savings rates have continuously plummeted, and things don\u2019t look set to improve.<\/p>\n

“Yet also many people leave their savings with their own bank, or just sitting in old accounts; if that\u2019s you, you\u2019ll almost certainly earn nowt.<\/p>\n

“To get a half-decent return you need to become an active, disloyal, aggressive saver, shifting from best rate to best rate. So, check what your savings pay.<\/p>\n

“Anything earning less than the top 1 .16% easy-access rate needs moving. Don’t dally – every day is lost interest.”<\/p>\n

There are perfectly safe ways to move your money from account to account, and it\u2019s often easier than you think. You could even put your money into bonds and stocks, which can yield 2 figure % returns yearly, but as always with investing, there\u2019s a chance you will lose money. But, it\u2019s always good to know that if you\u2019re getting a small amount of interest in your savings every year, you may actually be losing some of it due to inflation. Do your own research before making any big decisions, though.<\/p>\n

It\u2019s best to let a financial expert handle your money – and us here at Five Minutes Spare aren\u2019t such experts – so be sure to make your own decisions with your own money!<\/p>\n

(Again, we aren\u2019t financial experts, so anything you do with your money is your decision!).<\/p>\n","protected":false},"excerpt":{"rendered":"

Martin Lewis, This Morning\u2019s Money Saving Expert, \u00a0has said millions of British citizens may be losing money – simply by keeping their money in a savings account.\u00a0 He was speaking on the show about how right now could be the best time to be making money by putting it in an account. But, not the…<\/p>\n","protected":false},"author":57,"featured_media":12695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[49,1556,1806,1302,149,71,101,43],"class_list":["post-187212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-news","tag-finance","tag-finance-news","tag-financial","tag-financial-news","tag-money","tag-news","tag-uk","tag-uk-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/187212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/comments?post=187212"}],"version-history":[{"count":1,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/187212\/revisions"}],"predecessor-version":[{"id":187246,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/187212\/revisions\/187246"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/media\/12695"}],"wp:attachment":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/media?parent=187212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/categories?post=187212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/tags?post=187212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}