Martin Lewis urges savers to ‘switch bank account’ to Nationwide’s 8% interest rate | Personal Finance | Finance

Before breaking down the savings account, Mr Lewis reminded viewers they would need to take out this product to benefit from the raised interest rate.

He explained: “So, Nationwide pays the most interest. Eight percent, one-year variable. The monthly amount, well you don’t have to contribute each month, that’s why it says nought.

“The most you can put in is £200. If you max it out over the year, you would earn £103 interest on £2,400.

“If you’re not with Nationwide, you can switch your bank account at the moment and it will pay you £200 to switch.”

Aside from Nationwide, Martin Lewis also highlighted the benefits of first direct’s seven percent Regular Saver Account.

Mr Lewis added: “That rate is fixed. You have to contribute each month but you can put more in.

“£300 a month. In total over the year, you would earn more interest because even though the rate is lower, you are putting more money in. It pays you £175 [for new customers]”.

As well as these accounts, Mr Lewis also referenced other savings interest rates currently on the market from different banks.

Notably, he cited Saffron Building Society and Coventry Building Society which are providing customers with interest rates of 5.75 and 5.5 percent, respectively.”

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.