Martin Lewis says to look at this account for 'much higher rates'

Martin Lewis has spoken about how to get a much better rate on your savings. He shared a host of tips about bank accounts on his BBC podcast. He had some words of wisdom for listeners about current accounts and credit cards, including some particular advice for Nationwide Building Society members.

One question was sent in by a woman who had bought her first home with her husband in October 2025. They had burnt through a chunk of their savings in the deposit for the mortgage and on essential work for the house, and now wanted to build up her savings pot again.

She said her existing savings account was paying just 1.05 percent and wanted Mr Lewis' thoughts on the best accounts on offer for building up her savings. She said they planned to deposit £250 a month into their savings.

In response, the savings expert told her what should be the first priority: "The most important start point is you build up an emergency fund of ready cash.

"You want three to six months of bills, that gives you that financial security, that financial defence mechanism, which is really worth doing. You can have that in any funds, as long as they are easy access."

Mr Lewis said a good type of savings account to build this emergency pot would be a regular saver. He explained: "They're not for lump sums, they are only for small amounts that you put in each month, but you are exactly in that bag."

The consumer advocate pointed to some of the top-paying accounts of this type. The top rate you can get is 7.5 percent fixed for six months with Principality Building Society, where you can pay in up to £200 a month. You could earn up to £26 over the six months.

Mr Lewis explained: "The reason you do these is the interest rate is much higher." You can get rates of 7 percent or more with several regular saver accounts. This is much better than the top rates of around 4.5 percent you can get with other easy access savings accounts.

Another factor to bear in mind that can rapidly add to your savings pot is the bonus switching payments you can get from some providers. Many groups will pay you to move your current account over to them.

For example, Nationwide Building Society is offering a £175 payment, Santander will pay you £200, and Lloyds Bank is offering up to £500. Mr Lewis recommended another provider in this regard.

He explained: "First direct right now is paying switchers £175 to switch to its bank account. Top rate for customer service and then you can save with it for a year at 7 percent, and you can put up to £300 a month in. So you get £175 and the interest on top."

If you paid in the maximum £300 a month into this regular saver, which pays 7 percent fixed for 12 months, you would earn £136.50 interest. Added to the £175 switch incentive, this would grow your savings by more than £311.

The listener was grateful for this advice, saying she had "no idea" there were savings accounts out there paying 7.5 percent.

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