Martin Lewis Money Saving Expert: BEST savings account revealed – highest interest rate

Martin Lewis is well known for providing expert financial information to ITV listeners.

Today he took to This Morning to reveal his top one-year fixed savings account.

Best one-year fixed savings account

Martin said: “Over the past year, savings rates have ever so slowly been creeping up.

And if you’re prepared to lock cash away for a year there’s a new top 1-year fixed savings account from Shawbrook Bank paying 2.02 per cent AER on min £1,000.”

Many may not recognise the name, however, the bank is regulated.

Martin explained: “You can open and manage the account online and Shawbrook Bank is fully regulated which means in the unlikely event they went insolvent you get the full UK £85,000 per person, per institution savings safety guarantee.

“Alternatively, if you don’t want to tie up your money, the top easy-access account is Marcus Bank (part of investment bank Goldman Sachs) paying 1.5 per cent AER – including a 0.15 per cent bonus for 12 months – after which the rate will drop so you make you sure you diarise and switch then.

“You can save from £1 and make unlimited withdrawals. It too has the full £85,000 UK savings safety guarantee.”

Have cash left in your ParentPay account? Get it back once term ends

ParentPay is a payment system, which lets parents add credit to their account using a debit or credit card, which they can then use to pay for their child’s school items, such as lunches, trips or after-school clubs. You can also use ParentPay to pay the school or caterer directly. It’s used by 9,000 schools and has 5million users.

And as the school year is coming to an end, many have been asking if you can get any credit left back.

To check what you’ve got, log into your ParentPay account, and your balance will appear on the top right-hand corner of the homepage. If you’ve credit leftover, you’ll be able to withdraw the cash straight away – select the ‘withdraw’ option on your Parent Account page.

It should be paid immediately back to your card or bank account that’s connected to your ParentPay account, but if you’re withdrawing a large amount, it could take up to 10 days. Though do note, you can only make three withdrawals within a three-month period.

If you’ve got credit on money paid to your child’s school or caterer through ParentPay, you’ll need to contact it directly to ask for a refund, as they hold the credit, rather than ParentPay. The school or caterer should then refund your credit into your Parent Account, where you’ll be able to withdraw it using the step above.

When is the student loan written off? Martin Lewis made a warning to Britons yesterday. 

He revealed how a number of former students have been offered the opportunity to pay off their student loans.

They could do so for paying off 20 per cent of what is remaining.

However, the ITV money expert had a warning.

He spoke to Good Morning Britain presenters today about why.

source: express.co.uk