Money expert Martin Lewis shares tips on growing savings by moving funds into Easy Access savings accounts and Cash ISAs, emphasising their benefits for those looking to improve their savings efficiently.
The money saving expert, 52, shared the insights on an episode of his podcast. READ MORE: Martin Lewis has revealed whether premium bonds are really worth it - or if you're better investing your cash elsewhere.Martin explained that while more than 22 million people in the UK have premium bonds, some people could actually make smarter financial choices by avoiding them altogether.
But after saying that they're a tempting option due to the winning process and being tax-free, he added: 'For those people only putting a small amount in and who don't pay tax on savings - which is a lot of people - premium bonds are a bad bet. With that amount, he said you have a 56.5 per cent probability of winning nothing, a 43 per cent chance of winning at least £25, and a 35 per cent chance of winning at least £50.He continued: 'The more you put in, the closer you will get to the prize fund rate.
The financial guru advised people to think about what they could earn with interest they would be gaining in a top savings account. The scheme is operated by NS&I, a government-owned financial institution, which Martin called 'as safe as it gets' as it is 'totally backed up'.It comes after Martin revealed how households can get thousands of pounds back on their council tax bills - but warned it's 'not a quick process by any means'.
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