Money saving expert Martin Lewis urges bank account holders to switch for better saving rates

Speaking on both BBC Sounds and ITV, Lewis highlighted the fluctuating nature of savings rates across the UK and stressed on the importance of regularly checking for the best deals.

In a post on X, Lewis said: "The top easy access savings now beat fixes. Check what yours pay, you can still get 5% or more." This message echoed the advice in his popular weekly newsletter, where he explained: "What's happening to savings is a mirror of mortgages, except here higher rates are good, lower bad.

“The rate you can fix at has dropped, as they're based on longer-term interest-rate predictions, while the top paying variable (easy-access) rates haven't, as they're based on the UK base rate, which the Bank of England held last week."

Lewis further elaborated that while fixed savings accounts usually offer better rates in exchange for locking money away, current easy-access accounts are offering comparable or even better rates. "The market consensus is the UK base rate will be cut in November, so easy-access rates are likely to drop 0.25 percentage points then, but that'd still leave the best of them on par with current fixes," he said.

While highlighting the potential benefits of fixing rates to secure long-term rate stability, Lewis urged savers to act sooner rather than later. "If you want to ensure a certain rate, and not risk big future drops, fixing and fixing longer does that (and as fixed rates may creep down a touch over the coming months, sooner is likely safer)," he said.

In his latest MoneySavingExpert (MSE) guide, Lewis recommended several top-performing savings accounts, including Chip at 5 per cent, Oxbury at 4.87 per cent, OakNorth Bank at 4.82 per cent, and Monument at 4.81 per cent. Chip, which can be opened with no minimum deposit through an app, was noted as a standout option. Oxbury requires a minimum deposit of £25,000, OakNorth starts at £20,000, and Monument at £25,000.

Lewis concluded his advice with a reminder to all savers: "There are HUGE variances between the best and the bog-standard rates in each category, so check what you earn, and ditch and switch if you can." He also pointed out that there are more options available for those who open or have the right current accounts, which can offer even higher savings rates.