Martin Lewis returned from his summer hiatus this week to make his regular Wednesday afternoon appearance on Nihal Arthanayake’s BBC Radio 5 Live show. The financial expert began with urgent advice for everyone with savings, especially those who may have recently sold their property and have the money tucked away in different accounts.
Martin added: “That is more than any other best buy fix for any other length of time, whether you’re fixing for five years or six months, there is nothing paying 6.2 per cent.” Martin also explained that because it’s NS&I, and every penny saved is backed by the Treasury, whatever money you have in the account is protected. He explained: “Not only is it massively the best rate on the market, but you can also dump as much money as you’ve got - up to one million quid - in there.”
Top Money Stories Today Martin provided more detail on the two NS&I accounts available at the bumper savings rate. He said: “You’ve got the Guaranteed Growth Bond that pays a lump sum of interest at maturity - at the end of the 12 month period - and the Guaranteed Income Bond, which pays you interest each month.