Martin Lewis on current savings rates

Martin Lewis explains what’s happening to savings rates at the moment.

Speaking to 5 Live’s Adrian Chiles, Martin said: “Savings rates have peaked. They peaked in around the start of October 2024.”

“Currently, we have inflation at around 2% and the top savings rate at around 5%. So, in real terms, your savings are actually growing. Putting money into savings means your purchasing power is increasing.”

“This is a better time for savers than it has been for quite a long while.”

Listen to the Martin Lewis Podcast on BBC Sounds.

This clip was originally from Adrian Chiles on 21st November 2024.