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Martin Lewis explains what pensioners needs to be doing with savings ‘as a bare minimum’ | Personal Finance | Finance

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Responding to an issue from a viewer, Money Saving Expert founder Martin Lewis said doing nothing with savings straight away is “a financial sin”. He explained how the 75-year-old pensioner could get essentially the most out of her money.

He continued: “If you happen to could take a look at investing any of it you would wish to go to an Independent Financial Advisor to see what’s right as I don’t know the remaining of your financial circumstances.

“But as a bare minimum get it into one in every of the highest paying savings accounts asap and for those who’re not planning to make use of it then go for a one or two 12 months fixed.

“They’re paying over 4 percent and that’s loads more interest – you’re talking over £6,000 a 12 months interest on the cash that you simply’ve got.

Even for those who don’t do this, get it somewhere with easy accessibility paying 2.75 percent and then you definitely can take the cash out at any time when you would like. But leaving it sitting in your bank earning nothing is frankly a financial sin.”

READ MORE: Aldermore offers 4.60% interest despite ongoing economic uncertainty

Coventry Constructing Society has upped the rates of interest on its savings accounts and is now paying 4.85 percent interest on savings of £250,000. 

Its fixed bonds offers a few of one of the best rates in the marketplace following the Bank of England’s latest base rate increase in September.

Matthew Carter, head of savings at Coventry Constructing Society, said: “We’re enhancing our product range by launching highly competitive savings accounts to offer savers much more selection.

“Our recent range of Fixed Bonds offer a few of one of the best rates of interest on the market in the marketplace and are perfect for those searching for an excellent return on their savings over the short, medium or long run.”

Barclays customers can get 5.12 percent interest on their savings and access their money after they need it but this rate of interest drops after £5,000. 

Someone who saved £1,000 into the account would see the balance grow to £1,051.16 after 12 months.

If a saver invested £5,000 of their Rainy Day Saver, the quantity would grow to £5,250.17 after a 12 months.

Customers get more rewards in the event that they have additional accounts or services with the bank.

This Morning airs weekdays from 10am on ITV.

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

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