Martin Lewis has issued urgent advice to help people save money – but it has to be done by midnight.
In a video posted to X (formerly Twitter) the Money Saving Expert advised followers to open an easy-access savings account with Santander before midnight on September 12.
Easy-access savings accounts allow you to deposit and withdraw money whenever you like, while accruing interest just for having money in your account.
However, the rates are variable, and can change often.
Currently the top paying easy-access account is Santander, which offers customers interest rates of 5.2%.
But after today, Santander has announced they are slashing the interest rate by more than half to a mere 2.5%.
‘Here’s how it works currently.’ Lewis explained in the video. ‘Currently, you can go to Santander and open an Easy Access Saver Limited Edition and get 5.2%. You only need to have a pound or more saved in there.
‘It can be operated online and you can make as many withdrawals as often as you’d like.’
He added: ‘From midnight tonight, the same account will only pay 2.5%, but the interesting thing I’ve found is as far as I can tell… if you open it today, even if you don’t put money in today you still get to keep the 5.2% rate.’
Mr Lewis said to keep the account for just one year, because after that it ‘matures’ and the interest rate drops to just 1%, and advised savers to ‘ditch and switch’ at that point.
‘But for next year, this looks like currently a massive best buy savings, but you’ll have to open it by midnight tonight to get it,’ he said.
In a follow-up tweet, he added: ‘Some asking ‘why’. I suspect they’ve got the money in they wanted, and no longer want to be the top of the best buys – so as is common they then pull the competitive rate.’
Outside of Santander, the next three best options are Synergy Bank, Furness Building Society and Mansfield BS which all over 5% interest rates of savings accounts.
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