Martin said: “Most people who have got savings are earning less than 1%, the average easy-access savings account is paying just 0.75%.”
I want to show you how to stop the savings rip-off and it is indeed a rip-off for most, you should not be earning anything less than 2.5% on your savings. That is my absolute, complete bottom-out on the savings rate you should be getting. With inflation running at over 10% at the moment, most savings aren’t savings, they are in fact ‘losings’ because in real terms the interest you’re earning even in the top accounts is far less than inflation”.
He continued: “Now that isn’t a reason not to get the best savings interest rates, in fact, I would say it should put more of a fire up your backside because the more you earn in savings, the more you mitigate the damage of inflation on the cash that you have worked hard to store up over the years.