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While the Bank of England’s recent savings rate increase should have been good news for savers bank accounts have been slow to follow suit.
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Financial journalist Martin Lewis is encouraging anyone with a savings rate of 0.7 percent or lower to consider switching savings accounts.
Among his recommendations on his MSE website, he names the Virgin M Plus Account which offers an attractive rate of 2.02 AER.
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However, there is a catch – the 2.02 interest rate is only available on the first £1,000 saved, after that it decreases to 0.35percent.
READ MORE: Inheritance tax alert as Britons ‘accidentally’ give away thousands
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