Martin Lewis warns anyone with money sat in a savings account

The BBC Sounds podcast host shared the top savings accounts to open right now, but warned that the rates on offer are changing by the day.

Martin Lewis has issued a Bank of England savings account alert ahead of a possible rate change. The BBC Sounds podcast host shared the top savings accounts to open right now, but warned that the rates on offer are changing by the day.

ITV regular Mr Lewis, the Money Saving Expert founder, said: "In mortgages variable rates have stayed high and fixed rates are dropping, the same is happening with savings." He told co-presenter Adrian Chiles that the best rate out there right now is a 5.21% cash ISA product from Trading 212.

This is followed by Investec's 5.25% 90-day notice account. Mr Lewis said: "As always with savings, we tend to see rates change by the day so you're best to go and check what the best rates are for the different products at the moment you're doing it. Products here are just an indication of what's available."

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Mr Lewis explained: "It's expected that the base rate will be dropping soon so most easy access savings will drop. The fixed rates have factored in future drops, just like with mortgages they're based on long-term future predictions. You might say; 'Oh I could go with easy access and get the higher rates'."

"Or you could say; 'I'm worried those fixed rates are going to drop even further, I'm going to get them while I can access them'." Mr Lewis highlighted Monument Bank offering a leading one-year fixed account at 4.81% interest, closely followed by Zenith Bank at 4.8%.

Every bank or building society we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust (£170,000 for joint accounts). If you've more than £85,000, it's best to spread savings across several different banks just in case one gets into difficulty.