Martin Lewis issues urgent bank warning to customers and they must act before midnight
| Last updated
Featured Image Credit: TikTok/martinlewismse/Getty Stock Photo
Martin Lewis has put out a very 'urgent' banking warning.
The Money Saving Expert is never one to be ignored, and now is no different. Check out what he has to say:
Over the years, the financial whizz has saved us all a lot of money, whether that's on our household bills, choosing the right mortgage, or even a new phone contract.
And now, he's put out an urgent plea for people to act if they want to save more cash.
In a post to his TikTok account, Martin explained that a huge bank offer is set to close, and you need to be quick if you want to catch it before it's gone.
He said: "I've got some urgent information for you if you're a saver. I can tell it's urgent because I was due to go out on the road but I've interrupted it to do this.
"Now, right now, the current top paying Best Buy easy access savings account, that's one where you can put money in and take it out when you like, is from Santander.
"And it is rare to see such a Best Buy coming from one of the big banks.
"But at midnight tonight, Tuesday, the 12th of September, it's effectively pulling that."
Martin went on: "So here's how it works, currently you can go to Santander, you can open its easy access saver limited edition and get 5.2 percent.
"You only need to have a pound or more saved in there - you've got up to 250,000 if you're lucky enough to have that much.
"It can be operated online and you can make as many withdrawals as often as you like."
But it wouldn't be 'urgent' if there wasn't a catch, would it?
Martin explained: "From midnight tonight, the same account will only pay 2.5 percent.
"But the interesting thing is as far as I can tell, and I've tried to dot every I and cross every T, if you open it today, even if you don't put money in today, then you get to keep the 5.2 percent rate - so you want to open the facility today."
Martin then explained that you'll have to remember to close it and switch accounts in a year's time, though, as once your account 'matures', the rate will drop to a tiny one percent.
He added: "But for the next year this looks like currently a massive Best Buy savings, but you'll have to open it by midnight tonight to get it now."
What. A. Man.