What there accounts that have 4%, 5% out there and there save investments that better then it's been for years. Not quit what was in the 90s or 80s but still pretty good
Which ever way you look at it, the value of your money is being lost hand over fist due to inflation. Also if inflation was 10% last year it only needs to be around 7-8% this year for goods to go up the same amount, then 5-6% the following year for the same effect. Yet they sell it as a 'reduction' in prices' Conned every way you can think of - Even the air is taxed now!!!!
Maybe there's actually many more people with debts than savings. The reason more people with savings phone in is because there's nothing much the people with debts can do about it.
I don't think I have heard Martin mention that the basic rate for savings is £5,000, if your other income is between £0 and £12,750, meaning you can earn £5,000 in savings interest before tax kicks in. From £12,750 to £17, 750 you can still earn £5,000 worth of savings interest, but every pound over the £12,750 eats into the basic £5,000 rate, so if your income, other than savings, was, say, £15,000, you would have used £2,250 of the £5,000 (from12,750 to 15,000) that you are allowed, leaving £2,750 (15,000 to 17,750) still tax free. Over £17,750 worth of income, gives you £1,000 worth of tax free savings allowance, but you can way up earning more than the £1,000 against the saving rates; HMRC just change your tax code to allow for that.y
Rates will have to rise soon. This is a big mistake by the Bank as they always have a bad, and wrong, slow, too little, attitude. Rates ARE NOT HIGH! Not by a mile yet. Barely normalised yet.
@@matthewbaker2573 No it is not. How can anyone be so short term thinking. Look at history. Not like there were not plenty warning and saying this is abnormal.
@@nicholaspostlethwaite9554 look at history? we've had 10 years of low rates compared to previous years - you don't have a clue on what you are talking about
Costco sold gold bars yesterday in the USA they sold out within hours. 2000 dollar gold bars. If that doesn't show you what your money will ne worth in a few months I do t know what will. Do NOT save, buy assets. While this restricts your cash flow so be it worth it when this fiat system crashed and burns
Well obviously it doesn’t impact anyone on screen 😂 who are millionaires. Don’t get me wrong I like Martin as he explains the complex financial world that most can understand. Bet there is another rise this year. Even I know NS&I is giving the best rate for a year. 👍 That £1000 tax free is pitiful and needs to go to £10k. People work hard to save and paid tax already most of the time working for it. It’s time our government that works so called for us gave us a break. Working out Tax is too complicated for most pensioners and families try there best to look after loved ones accounts, what they going to do chase down 70 year plus for not paying the right tax. Martin could restructure our tax and savings laws than the clueless we have.
How many people in the the real world are going to have enough saved to make 10k in interest So the way the Government will look at that if your earning more than 10k per year in interest you don’t need a helping hand A definitely policy vote loser
Before the wave of rate hikes you needed ca £100,000 in a savings account to receive more than £1,000 in interest. So effectively nobody paid interest on their savings. Why increase to £10K? It just seems like a random figure you've plucked out of the air.
Why increase it? Because interest rates are different to 2016. If you don't do that it means taxes are going up effectively, look up "fiscal drag" - its taxation without representation.@@kevinsyd2012
Saving is not a good idea in a debt based economy where the government can simply print money at will (quantitative counterfeiting/easing; take your pick). Assets, not cash.
@@bridiesmith5110 His advice normally makes poor people poorer. Martin Lewis is a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
his advice is mostly for definite outcomes and less risk like investments. I've had personal joy on Vanguard with the 100% equity, its the most risk (albeit a spread risk across markets) and I only invest each month what I can afford to lose. Its not get rich quick but has paid considerably better than any ISA, Current Account or Regular Saver.@@samr8603
Educate yourselves... there's a lot of content out there that explains how to get a handle on personal finance. A little each month can compound over time.
He's trolling you. Mock the peasants. Martin Lewis is also a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
Listening & taking notice of anything Good Morning Britain has to say regarding financial advice, is about as helpful to your life as hiring Jimmy Savile as a babysitter
I don’t understand people that save cash in their current accounts. The interest earned is nearly none existent. Their money is eaten away by inflation day after day. Personally I invest in the stock market but bonds are another option. At least get yourself a higher interest account! Gold and silver are also a great way to hedge against inflation. Do your research first. Nobody should be saving or investing while they are paying off high interest debt. Sort that out first 👍
What he hasn’t mentioned, is that there’s no point in putting your money in a savings account at these rates because inflation and tax will just gobble up any gains you make 😅! Even if you put it in an ISA, inflation will outstrip any gains.
So what do you suggest, you slag him off but don’t give us your wisdom, you can get 6% tax free from an ISA So if that’s a 💩investment, where do you put it then
Work out basic maths. If you don’t put it in savings and interest is 7% you’ll lose 7% a year. If you put it in the account he mentions you’ll lose just 0.8% after inflation (providing you don’t go over the tax allowance, you have, that he mentions.
Yes, totally agree it is a flawed logic to say there is no point saving. Whilst inflation is high it is more important them ever to find the best savings rates to minimise the extent to which inflation erodes the real value of your savings!
Don’t save , if you have money , invest a chunk in physical gold and silver to preserve value . The pound is going down the drain . It will be in parity with the euro and the dollar shortly .
Is anyone else having difficulty opening the growth account mentioned? My partner is savvy, and has attempted to click through the online application 5 x now. Gets a long way through, then clicks the 'next' button and it insists he's hit 'back' and it takes him right back to the beginning! He's so frustrated with it! Anyone else having this problem? Any tips?
Better though to have your money earning 5% with a 5% loss in real terms then not bothering and having it erode at a 10%. With high inflation it is even more important than ever during these times to minimise the rate at which inflation is impacting your savings, plus the stock market isn't currently in the best place and it isn't suitable for everyone so you have to make the best of what options are available to you
There is a recession, they just haven't announced it because it will cause many to stop spending and make it much worse. I go on RightMove every day (I am a developer) and all you see is prices 'reduced today'. Many builders I know have no work lined up, are losing jobs that were booked months ago. I'm also into restoring classic cars and they are not selling, unless stupid low prices. These are a luxury, but even so, many every day items as 'treats' are not selling either and people are tightening their belts. You can thanks lock downs, furlough payments, and idiot scumbag politicians for funding migrants, the Ukraine war (which we should NEVER have become involved) and other ventures that destroy the economy. This clown Lewis is knowledgeable but not always right.
If you are a property developer you helped create this mess by gross over charging for decades. Doesn't it hurt when you have killed the golden goose and your customers can't afford you anymore? Sympathy=0
@@ploppyboothanger4648 Absolutely. I’m hoping for a big crash and reset in house prices. 4 times the amount of the ‘higher rate tax threshold’ should comfortably buy you a nice spacious 4-5 bed family home as it would have done a few decades ago
Indeed It’s a short sighted view with the recent oil prices going above $90 again. It’s forecast to go quite a bit higher too! This will once again trigger double digit inflation and better saving rates(eventually)
Not sure why people who earn good money get slaughtered for it. This country is full of people earning low income pointing fingers at the people that earn well.
@@mozzimozzi10 the same people would be living under a bridge if they didn't get government handouts. There's only one person to blame for the amount of money one has. They can be found in the mirror. And that goes for every single one of us
This is going tro be amazing for all those middle class that had money and were given 2 years more by Boris free of charge. For the rest, we we're told to get on UC instead, no furlough for us, we had to spend our savings and now have nothing. So the ones with money, again, can get to yet more money. When are they going to do something for the people at the bottom of the ladder living from UC payment to payment? Things keep going up... apart from the help and the wages offered of course. We're getting nailed to the cross down here. I live in the car because it has better heat than the house. Moving around the house I use the torchlight on my phone instead of the house lighting I can no longer afford. People like us can't save - we were forced to spend it all to get by until there's nothing left. I say roll on universal income.
money is just "Life Tokens"...people invest and are always looking for loopholes to make more and worry about financial markets, when at the end of the day, you die and nothing is yours, all your "possessions" move on and all that "chasing your tail" is meaningless !
No, they don't. Not the ones who know what they're doing. The S&P 500 is volatile, but it consistently trends upward. Over 20 years, throughout history, everyone has seen gains; no one has incurred losses. This likely holds true for all major index funds like the Nasdaq. I'm focusing on the S&P 500 because it's the most renowned and has a long enough track record to confidently assert that historically, everyone has profited from it if they haven't withdrawn their investment for 15 to 20 years. You'll almost certainly see gains after just 5 years. However, the sweetest spot for most people is the 20-year mark, where they tend to maximize their profits, probably because we can't live forever. :-)
How is it a good deal ? It’s just a bank that realised its got no cash flow. Far better deals abroad. Tbh I don’t rate this guy anyway , he has a degree in stating the bloody obvious.
@@Felix-rising zero risk and 6.2% isn’t good? Your mad. Don’t rate Martin Lewis? The guys is worth over £100m and helps people save pennies the guys pretty decent, not many other millionaires give a sh!t about poor people
So people going on planes means everyone is well and not in debt .Here is a stat outstanding credit card debt came to £66.4 billion, an increase of 8.2% (£5.0 billion) in the year to June 2023 ,and if you look at the amounts for energy regulator Ofgem, reveals that total debt owed by households grew by 43% to £2.5 billion.But I guess this means nothing as airports are full .@@keith8609
@@macsmith6216 Says who? “Around 80 per cent of individuals and UK customers and families have less than £500 worth of savings in their current account and their savings account.” CITI BANK.
I'm always a bit sceptical about gold in case you're buying top of the market. The spot price is historically high as investors flock to it as a safe haven asset timing is arguably more important than for example equities given the price of gold fluctuates greatly over long periods and does not necessarily have a steady upwards trend.
@@therobsterisalobster gold has only gone up since records started keeping tabs. yes its dropped a bit in fluctuations, but in all its only gone up. check gold live price charts and see for yourself
My warning would be ignore Martin Lewis all the time. Last winter I made money on my energy bill after running heating 24 hours a day! Reason was I had a fixed rate tariff he always says don’t do! Ended winter £250 better off because I ignored him!
I must be missing something... 6.2 less 20% tax equates to 4.96% which means you pay tax and after paying tax you still earn more in interest nett than most cash ISA... The real question is....WHY DO CASH ISAs pay such a low rate... for what reason?????? Where do you get 3.5% from !!!!. In addition you can have £1000 of interest tax free... also its counted as income which means if its your only income then you can save upto the tax threshold plus the 1000 without paying tax on it.
@@rvp589 If it’s your only income you can claim Those who earn £12,570 or less receive an extra £5,000 tax-free allowance through the “starting rate for savers” which means they can save much more before paying tax.
The NS&I account can only be funded by means of a debit card, and typically debit cards have a limit of £10,000 per day. However, you can open as many accounts as you wish on successive days, provided NS&I don't withdraw the offer.
So, the answer is the S&P 500 or another strong index fund, like FTE World, assuming you can lock your savings away for 20 years. Consider a Chase account for your secondary emergency fund, which should cover around 3 to 6 months of your living costs. Chase customer service is exceptional, and they offer competitive rates. When it comes to finance, good customer service is critical. Ideally, rent should be 40% of your income, but I understand that as a country, things have gone wrong, 40% isn't always possible, it certainly isn't for me.
@@NotoriousPyro 40% or less is the recommended threshold for rent, as exceeding 40% is when people often fall into serious and potentially life-crushing debt. Financial advisors typically suggest a rule of thumb: allocate 40% of your income to rent, 20% to bills such as gas, electricity, and council tax, and reserve 10% for savings (your emergency fund) and investments in assets like the S&P 500. No disrespect to Martin Lewis but check out Dave Ramsey. The best segments of his daily radio show are on You Tube. :-)
we need those savings rates to reduce so those people sitting on large deposits can use their money to buy up those properties getting sold off by BTL landlords.
@@agfagaevart who said most? there are people out there who have cash, property prices in London are falling about £50K since January so far on average. I know 2 cash buyers waiting for the price to drop more before they scoop up rental property from btl investors.
@@Professional_TH-cam_Commenter Lucky you! I know a lot of folks who cannot afford to buy, are not sitting on piles of cash waiting for house prices to fall. People who can just about pay their rent! Hard for you to believe, but it true!
No thanks, not locking my cash in any banks that are failing like flys. Rather have it invested in the stock market, that way i can remove it at the first sign of trouble, dont think it will happen? it has already happened in history, people lost their money thanks to having it locked away and hyper inflation taking place. Not saying that will happen, but if it can happen nows a time it could.
Very high IQ reply for someone with the audacity to call someone a clown for investing rather than saving. Like i say, our investments have FAR exeeded inflation and all savings rates offered currently so again, why would people with saving lock their cash away for years in a volatile moment. When you lock your money away for less interest than inflation your LOOSING money, not earning it. Simple economics that you should understand if im just a clown. Also everything i said about people loosing their money in the past in the bank is a simple fact thats happened multiple times over the last few 100 years. @@macsmith6216
Don’t like the suggestion in the first half of this. If everyone was to play the system as suggested the banks would move the goalposts. It’s stealing in actual fact. So immoral advice from Martin imo
That's it Martin, tell everyone to go open fixed rate accounts, again and again until we see rates drop...... That won't swamp the bank systems or the poor handful of analysts having to process all these requests. So as with the "everyone go submit energy readings" a while back. The system won't cope well, people will see big delays in those requests and other requests to existing accounts and what will the magnificent Mr Lewis do... Blame the banks for not being able to handle the influx of requests.
I guess you can’t do maths then. If you have £2,000 in savings the rate he’s mentioning will give you £124 a year. Mock if you want, but I’ll take that.
@@a1white £3.37 is a metaphor for how little it matters. Its the difference between the "rate" you have already got /or found, (the average bank rate even ) against what ever it is he waffles on about at any given moment or topic.. I.E the difference is not worth getting your nickers in a twist about. Especially if you have a spare few grand knocking about. Its the equivalent of saving up money off tokens and researching for hours to get 10p off a tin of beans.
Martin’s good morning, is the same one I give, when someone schedules a 9am Zoom/Teams call. Doesn’t want to be there lol.
Quick guys get the 50 pence and lock it for a year.
Exactly 😂
What there accounts that have 4%, 5% out there and there save investments that better then it's been for years. Not quit what was in the 90s or 80s but still pretty good
🤣
Where was the urgent warning - I must have missed that point
I'm not sure these presenters are worried about their money.
Which ever way you look at it, the value of your money is being lost hand over fist due to inflation. Also if inflation was 10% last year it only needs to be around 7-8% this year for goods to go up the same amount, then 5-6% the following year for the same effect. Yet they sell it as a 'reduction' in prices' Conned every way you can think of - Even the air is taxed now!!!!
not for investors.. im beating inflation by 6%
@@jamiekenleyukwhat are u invested in? If you would be kind enough to give a tip I would appreciate it. 😊
I’m not listening. I’m just here to read the comments 😂😂and they are entertaining 😂🤣🤣
Very many thanks Martin, the go to brilliant chap hubby and I always listen to 😊
Lol
Savings???.........I'm just here looking under the sofa for change to buy a bag of chips! 😂
90% worldwide following USA plus Bank of England
Eh do they need two vacant s to read an autocue. Why not save one salary!
If this video were a food, it'd be the sweetest treat!
Maybe there's actually many more people with debts than savings. The reason more people with savings phone in is because there's nothing much the people with debts can do about it.
The £500/£1000 tax free interest per tax band, needs to be increased. It’s outdated / too low.
I don't think I have heard Martin mention that the basic rate for savings is £5,000, if your other income is between £0 and £12,750, meaning you can earn £5,000 in savings interest before tax kicks in. From £12,750 to £17, 750 you can still earn £5,000 worth of savings interest, but every pound over the £12,750 eats into the basic £5,000 rate, so if your income, other than savings, was, say, £15,000, you would have used £2,250 of the £5,000 (from12,750 to 15,000) that you are allowed, leaving £2,750 (15,000 to 17,750) still
tax free. Over £17,750 worth of income, gives you £1,000 worth of tax free savings allowance, but you can way up earning more than the £1,000 against the saving rates; HMRC just change your tax code to allow for that.y
Rates will have to rise soon. This is a big mistake by the Bank as they always have a bad, and wrong, slow, too little, attitude. Rates ARE NOT HIGH! Not by a mile yet. Barely normalised yet.
They are very high for the level of debt that’s been accumulated/encouraged.
normalised? we've been living cheap for years - this is normal !
@@matthewbaker2573 No it is not. How can anyone be so short term thinking. Look at history. Not like there were not plenty warning and saying this is abnormal.
@@edc1569 Amount of debt is not relevant. It is like saying borrow vast amounts more and thinking it will make rates go lower !
@@nicholaspostlethwaite9554 look at history? we've had 10 years of low rates compared to previous years - you don't have a clue on what you are talking about
Costco sold gold bars yesterday in the USA they sold out within hours. 2000 dollar gold bars. If that doesn't show you what your money will ne worth in a few months I do t know what will. Do NOT save, buy assets. While this restricts your cash flow so be it worth it when this fiat system crashed and burns
Well obviously it doesn’t impact anyone on screen 😂 who are millionaires. Don’t get me wrong I like Martin as he explains the complex financial world that most can understand. Bet there is another rise this year. Even I know NS&I is giving the best rate for a year. 👍 That £1000 tax free is pitiful and needs to go to £10k. People work hard to save and paid tax already most of the time working for it. It’s time our government that works so called for us gave us a break. Working out Tax is too complicated for most pensioners and families try there best to look after loved ones accounts, what they going to do chase down 70 year plus for not paying the right tax. Martin could restructure our tax and savings laws than the clueless we have.
How many people in the the real world are going to have enough saved to make 10k in interest
So the way the Government will look at that if your earning more than 10k per year in interest you don’t need a helping hand
A definitely policy vote loser
Before the wave of rate hikes you needed ca £100,000 in a savings account to receive more than £1,000 in interest. So effectively nobody paid interest on their savings. Why increase to £10K? It just seems like a random figure you've plucked out of the air.
Why increase it? Because interest rates are different to 2016. If you don't do that it means taxes are going up effectively, look up "fiscal drag" - its taxation without representation.@@kevinsyd2012
3 months ago i opened Atom saver, they had 6% for year or 5 for half
I chose half as I might need money soon , getting over £100 a month from £25k
Take cash from banks and transfer in to real assets like gold and silver… liquidity crisis incoming
The amount of money printing coming will reduce the pound to near worthlessness, because the only alternative would be to abolish the welfare state.
because gold and silver never reduces in value?
TWICE in the US of A the people have had their gold stolen by their government.
Video should be removed, information is wrong. 6.2 % ns&i is withdrawn. The limit is 85k for the guarantee like other banks.
I still recon it will go up again before the years end ! Fuel is still increasing at the pumps..
Saving is not a good idea in a debt based economy where the government can simply print money at will (quantitative counterfeiting/easing; take your pick). Assets, not cash.
yes but most cannot afford to buy houses at 0ver-inflated prices.
cars are not a good investment.
gold sovereigns ftw
I love Martin Lewis ❤❤❤. He is our hero. We are lucky to have him. He is our angel
Joke?
😂 He's set up by freemasons to tell you what to do with your money.. Symbolism will be their downfall.. He's no hero 😂
@@fibromyalgia09 👍
Please tell me this is sarcasm at its finest
Unfortunately too few people take Lewis' financial advice, then they run out of money and blame everyone else for their problems.
Love him ❤ he tells the truth
Never actually advises on investing though does he?
All his advice usually benefits those that have money.
@@bridiesmith5110 His advice normally makes poor people poorer. Martin Lewis is a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
Wrong
his advice is mostly for definite outcomes and less risk like investments. I've had personal joy on Vanguard with the 100% equity, its the most risk (albeit a spread risk across markets) and I only invest each month what I can afford to lose. Its not get rich quick but has paid considerably better than any ISA, Current Account or Regular Saver.@@samr8603
Invest in precious metals simple.
With a million in the bank you will get about £1000 a week interest .😮
You would not keep a million in a bank when they only protect you up to £85,000.
@@SpeccyMan multiple accounts .
Educate yourselves... there's a lot of content out there that explains how to get a handle on personal finance. A little each month can compound over time.
Explain more please
Second round of inflation coming, look at oil price.
It's hardly a warning. interest rates go up/down. nothing new.
Took my money out of premium bonds. Neither funds green issues.
I followed Martin's advice but unfortunately NS&I have absolutely crap IT - like ALL government institutions!
Who can afford to save?
This is the point....makes me mad
Me.
He's trolling you. Mock the peasants. Martin Lewis is also a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
Mee 😅😅
You can’t afford not to mate. You must pay yourself first. Even if you only saved 50 quid a month, you’ll make it work.
Listening & taking notice of anything Good Morning Britain has to say regarding financial advice, is about as helpful to your life as hiring Jimmy Savile as a babysitter
Brilliant kid advice, have you thought of franchise this information out?
Lol - my thoughts entirely...
Then send Lewis your money....Put your money where your faith is..@@sue4337
So far, 24 have given Hiram the thumbs up with his comment - the first word that comes to mind is 'sheep' and the second/third is brain dead.
@@AntonyBall-hm4jo Yeah that's the NPC take on it alright
Anything these goons say ignore. Banks are safe more scaremongering into a cashless society
Most ppl can't put a loaf on the table ! They talk about money on here like you can dig it up out of the garden ? Just not in the real world!!!
I know people who are obscenely wealthy to the point a new car is Nothing and by new I mean Range rover for their son who just started Uni .
@@InterdictionNot always Range Rovers, I had to make do with a Discovery.
@@areyouserious3092Or a Merc 😔
He's trolling you! Martin Lewis is a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
@@areyouserious3092
My god, how did you manage, did you receive counselling
I don’t understand people that save cash in their current accounts. The interest earned is nearly none existent. Their money is eaten away by inflation day after day.
Personally I invest in the stock market but bonds are another option. At least get yourself a higher interest account!
Gold and silver are also a great way to hedge against inflation.
Do your research first.
Nobody should be saving or investing while they are paying off high interest debt. Sort that out first 👍
Thanks to the multi millionaire helping me to save £1.97
How do you think he became a millionaire? His advice is worth listening to
@@ryanjackson4597
You tell how thick you are can’t even reply to comments
No need to paste and copy his name 😂😂
NS&I is a bond, not an ISA so you have to pay tax on it...
All your winnings from premium bonds are literally tax free
Until the bond market collapses, literally a few weeks ago the government had to bail out, again.. wait for pensions to pop
@@chhitijpahari1011 LOL a bond is not a premium bond-it's a fixed rate, locked savings account...
@@XORTIONThink you're misunderstanding the term 'bond' in this context.
Do monthly interest on a isa ,which is paid into current account count towards the £1000 interest before tax
Yes because you’ve withdraw it from the ISA and put it in a current account
@@macsmith6216 obviously this is incorrect.
@@SpicyPumpkin99
Please enlighten me
but if you invest in gold sovereigns you dont pay tax on them if you sell them. Thats one fact the government does not want you to know about.
Slow to put them up quick to drop them.
What he hasn’t mentioned, is that there’s no point in putting your money in a savings account at these rates because inflation and tax will just gobble up any gains you make 😅! Even if you put it in an ISA, inflation will outstrip any gains.
So what do you suggest, you slag him off but don’t give us your wisdom, you can get 6% tax free from an ISA
So if that’s a 💩investment, where do you put it then
Work out basic maths. If you don’t put it in savings and interest is 7% you’ll lose 7% a year. If you put it in the account he mentions you’ll lose just 0.8% after inflation (providing you don’t go over the tax allowance, you have, that he mentions.
@@macsmith6216.. I’d recommend vapes. I sell £8,000 a week, that’s £4K a week profit
Yes, totally agree it is a flawed logic to say there is no point saving. Whilst inflation is high it is more important them ever to find the best savings rates to minimise the extent to which inflation erodes the real value of your savings!
All this to save 2p.
not seeing this 7.25 anywhere
I’ve been away for a bit. Where’s phill and holly
Brilliant. 😂
Don’t save , if you have money , invest a chunk in physical gold and silver to preserve value . The pound is going down the drain . It will be in parity with the euro and the dollar shortly .
Quick make sure you don't miss out on all of about 63p a year!!!
*_Smug emoji_*
Actually it’s £62 on a £1000 saving, but go ahead be ignorant
Is anyone else having difficulty opening the growth account mentioned? My partner is savvy, and has attempted to click through the online application 5 x now. Gets a long way through, then clicks the 'next' button and it insists he's hit 'back' and it takes him right back to the beginning! He's so frustrated with it! Anyone else having this problem? Any tips?
does he mean savers or survivors?
Bank pays 5% while real inflation runs at least 10% or more. Great advice from Lewis.
So what’s yours, clever ##nt
NatWest are only offering 5% on the first £1500 of your balance, anything above that is 0%
@@sergeantmajorzero7482 High street banks always want your money for nothing.
@@sergeantmajorzero7482 Halifax 5.35% 1 year fix .
Better though to have your money earning 5% with a 5% loss in real terms then not bothering and having it erode at a 10%. With high inflation it is even more important than ever during these times to minimise the rate at which inflation is impacting your savings, plus the stock market isn't currently in the best place and it isn't suitable for everyone so you have to make the best of what options are available to you
There is a recession, they just haven't announced it because it will cause many to stop spending and make it much worse. I go on RightMove every day (I am a developer) and all you see is prices 'reduced today'. Many builders I know have no work lined up, are losing jobs that were booked months ago. I'm also into restoring classic cars and they are not selling, unless stupid low prices. These are a luxury, but even so, many every day items as 'treats' are not selling either and people are tightening their belts. You can thanks lock downs, furlough payments, and idiot scumbag politicians for funding migrants, the Ukraine war (which we should NEVER have become involved) and other ventures that destroy the economy. This clown Lewis is knowledgeable but not always right.
I'm seeing similar with trades
If you are a property developer you helped create this mess by gross over charging for decades. Doesn't it hurt when you have killed the golden goose and your customers can't afford you anymore? Sympathy=0
Hes trying to get people into fixed rate knowing full well interest rate is about to spike higher
@@ploppyboothanger4648
Absolutely. I’m hoping for a big crash and reset in house prices.
4 times the amount of the ‘higher rate tax threshold’ should comfortably buy you a nice spacious 4-5 bed family home as it would have done a few decades ago
Indeed It’s a short sighted view with the recent oil prices going above $90 again. It’s forecast to go quite a bit higher too!
This will once again trigger double digit inflation and better saving rates(eventually)
You should use money markets via a stocks and shares isa or 1 year uk gilts in general investment accounts
33 trillion debt usa
UK debt 4 trillion
Not me....
Presenters earning £150,000 + a year talking about cost of living crises as if it effects them🤣🤣🤣🤣
That’s what professionals do.
well if you actually did something with your life, you could earn a large wage as well
Not sure why people who earn good money get slaughtered for it. This country is full of people earning low income pointing fingers at the people that earn well.
@@mozzimozzi10 the same people would be living under a bridge if they didn't get government handouts. There's only one person to blame for the amount of money one has. They can be found in the mirror. And that goes for every single one of us
Affects
Put it under your mattress no inflation there keeps it flat !
Anyone else fed up of this millionaire telling us how to save pennies? May as well be Oprah, so patronising.
Mock the peasants. Martin Lewis is a highly reliable contraindicator. Whatever her says, do the opposite. th-cam.com/video/-RygZYHQSUE/w-d-xo.html
Some people are just beyond help, or maybe just so bitter
This is going tro be amazing for all those middle class that had money and were given 2 years more by Boris free of charge. For the rest, we we're told to get on UC instead, no furlough for us, we had to spend our savings and now have nothing. So the ones with money, again, can get to yet more money. When are they going to do something for the people at the bottom of the ladder living from UC payment to payment? Things keep going up... apart from the help and the wages offered of course. We're getting nailed to the cross down here. I live in the car because it has better heat than the house. Moving around the house I use the torchlight on my phone instead of the house lighting I can no longer afford. People like us can't save - we were forced to spend it all to get by until there's nothing left. I say roll on universal income.
Luxury cars not selling would mean the very rich have lost all their money. Hasnt happened so why do you think they arent being sold.
money is just "Life Tokens"...people invest and are always looking for loopholes to make more and worry about financial markets, when at the end of the day, you die and nothing is yours, all your "possessions" move on and all that "chasing your tail" is meaningless !
No, they don't. Not the ones who know what they're doing.
The S&P 500 is volatile, but it consistently trends upward. Over 20 years, throughout history, everyone has seen gains; no one has incurred losses.
This likely holds true for all major index funds like the Nasdaq. I'm focusing on the S&P 500 because it's the most renowned and has a long enough track record to confidently assert that historically, everyone has profited from it if they haven't withdrawn their investment for 15 to 20 years. You'll almost certainly see gains after just 5 years. However, the sweetest spot for most people is the 20-year mark, where they tend to maximize their profits, probably because we can't live forever. :-)
Try living without your “life tokens “
But it's useful to be able to buy luxuries like food, so you can survive.
" a cash isa is just a savings account that you don't put money in"
They really should have interjected to correct him.
It’s tax free ya clown
I thought that was odd myself since I've been putting money in mine for a couple of years. Maybe I dreamed it?
6.2% interest on unlimited amout (nearly) v good deal!
How is it a good deal ? It’s just a bank that realised its got no cash flow. Far better deals abroad. Tbh I don’t rate this guy anyway , he has a degree in stating the bloody obvious.
@@Felix-rising zero risk and 6.2% isn’t good? Your mad. Don’t rate Martin Lewis? The guys is worth over £100m and helps people save pennies the guys pretty decent, not many other millionaires give a sh!t about poor people
@@Felix-rising
Really so how are you getting your money back in without paying tax
@@Felix-risinggo on then where can we get better?
Cannot save if you have nothing.
Savers . Shows they are not in the real world,so many using there overdrafts and credit cards just to survive with inflated prices .😖
The people in poverty thing is over done the airports are packed with people jetting off abroad on holiday spending it large
So people going on planes means everyone is well and not in debt .Here is a stat outstanding credit card debt came to £66.4 billion, an increase of 8.2% (£5.0 billion) in the year to June 2023 ,and if you look at the amounts for energy regulator Ofgem, reveals that total debt owed by households grew by 43% to £2.5 billion.But I guess this means nothing as airports are full .@@keith8609
Savers, that will be 61% of the population
so thats only 27million that dont have savings then🤔@@macsmith6216
@@macsmith6216
Says who?
“Around 80 per cent of individuals and UK customers and families
have less than £500 worth of savings in their current account and
their savings account.”
CITI BANK.
don't put your money in savings - buy gold - seriously, you'll earn more through inflation than you will do with savings - and it's tax free
good luck buying your groceries with gold.
@@agfagaevart duh. Sell it beforehand. What a div
I'm always a bit sceptical about gold in case you're buying top of the market. The spot price is historically high as investors flock to it as a safe haven asset timing is arguably more important than for example equities given the price of gold fluctuates greatly over long periods and does not necessarily have a steady upwards trend.
@@therobsterisalobster gold has only gone up since records started keeping tabs. yes its dropped a bit in fluctuations, but in all its only gone up. check gold live price charts and see for yourself
@@matthewbaker2573
if you get the chance to even sell it.
If it isn't devalued.
you'll be the div in the end.
:-0
Rates are going to negative !!
My warning would be ignore Martin Lewis all the time. Last winter I made money on my energy bill after running heating 24 hours a day! Reason was I had a fixed rate tariff he always says don’t do! Ended winter £250 better off because I ignored him!
6.2% nsni top rate by the time you paid your tax it will be nearer 3.5% ....
He said you won’t get taxed under £ 1,000 also said if you put away 15/16k that should get you the £1,000
@@terrybooya6132 £1,000. whoop-de-doo ! I can put down a 20% deposit on a house that I want to buy!.....Oh wait
I must be missing something... 6.2 less 20% tax equates to 4.96% which means you pay tax and after paying tax you still earn more in interest nett than most cash ISA...
The real question is....WHY DO CASH ISAs pay such a low rate... for what reason??????
Where do you get 3.5% from !!!!.
In addition you can have £1000 of interest tax free... also its counted as income which means if its your only income then you can save upto the tax threshold plus the 1000 without paying tax on it.
@@rvp589
If it’s your only income you can claim
Those who earn £12,570 or less receive an extra £5,000 tax-free allowance through the “starting rate for savers” which means they can save much more before paying tax.
@@rvp589depending on your marginal rate of tax (20%, 40%, 45%) it could be nearer or further away than 3.5%
inflation has not gone yet ! interest rates are not coming down yet...
Nobody is getting wealthy from savings accounts
Depends on how much you have
Sad but true. My little nest egg earned me the princely sum of £11.28 last financial year. I earned more in Nectar points (£57.50) in the last year. 🤣
Start investing.. you’re only going to lose money on savings
Mr Doom&Gloom.
The Bank Has Spent all your money on the War In Ukraine 🤷🏻♂️
You will own nothing and be happy - Klaus Schwab
And you vill eat zi bugs😂
The NS&I account can only be funded by means of a debit card, and typically debit cards have a limit of £10,000 per day. However, you can open as many accounts as you wish on successive days, provided NS&I don't withdraw the offer.
Why would you open multiple accounts?
@@seant6731 If you wish to save more than your debit card daily limit. You can only make one deposit per account.
I just transferred 20k into a 6.2% NS&I account last night, no restrictions on my Nationwide account.
Martin is scaring me with that moustache!!!
They'd be better talking about an imminent ww3, and giving advice on how to survive.
Who actually watches Good Morning Britain? Its like children's TV for unemployed and retired adults
Does Martin Lewis ever give a warning that isn't urgent? Personally, I find his act increasingly hysterical and tedious.
Shame to see Martin Lewis still on the MSM
Regardless of interest rates savings accounts are a complete waste of time, spend some time researching other investments
It's always urgent. 😂😂
Which leaves the UK Media with no source of finance.😂😢😮😅😢😊❤❤
So, the answer is the S&P 500 or another strong index fund, like FTE World, assuming you can lock your savings away for 20 years.
Consider a Chase account for your secondary emergency fund, which should cover around 3 to 6 months of your living costs. Chase customer service is exceptional, and they offer competitive rates. When it comes to finance, good customer service is critical.
Ideally, rent should be 40% of your income, but I understand that as a country, things have gone wrong, 40% isn't always possible, it certainly isn't for me.
"Ideally, rent should be 40% of your income"
Coughed up my dinner there. You can't be serious.
@@NotoriousPyro 40% or less is the recommended threshold for rent, as exceeding 40% is when people often fall into serious and potentially life-crushing debt.
Financial advisors typically suggest a rule of thumb: allocate 40% of your income to rent, 20% to bills such as gas, electricity, and council tax, and reserve 10% for savings (your emergency fund) and investments in assets like the S&P 500.
No disrespect to Martin Lewis but check out Dave Ramsey. The best segments of his daily radio show are on You Tube. :-)
Maybe a few people in there 40s or r early 20 can lock away for 20 years
Sir Martin Lewis.
Are you able to have 2 Guaranteed Bonds accounts on the same account?
So confusing
He has a old hedgehog on his face...or is it a subliminal message for savings on shaving.
Martin Lewis never talks about financing on solar, battery, heat pumps...🤔
Give us break .stop your paid to worry people
It's funny seeing people talk about money and inflation when they have no idea what either actually is
*great with money aren't they*
Granddad say's "just for you people whom can operate a computer"
Grandad is wrong because it is who and not whom.
Thank You, You didn't have to advertise Your ignorance to the world!
@@davidhorn6008you mean your ignorance don’t you 😂
we need those savings rates to reduce so those people sitting on large deposits can use their money to buy up those properties getting sold off by BTL landlords.
Not unless the house prices come down as well.
@@agfagaevart houses are cheap for cash buyers, they're expensive for people who want them from mortgages.
@@Professional_TH-cam_Commenter
Oh yeah right great! As if most people are "cash buyers". even most news cars are financed. :-/
@@agfagaevart who said most? there are people out there who have cash, property prices in London are falling about £50K since January so far on average. I know 2 cash buyers waiting for the price to drop more before they scoop up rental property from btl investors.
@@Professional_TH-cam_Commenter
Lucky you! I know a lot of folks who cannot afford to buy, are not sitting on piles of cash waiting for house prices to fall. People who can just about pay their rent! Hard for you to believe, but it true!
Shock horror!!😮
Is Martin morphing in to Alex Belfield?
How are people even saving in these hard times?
61% of the population are
Don’t believe all this vast majority of the population we can’t feed ourselves,
No thanks, not locking my cash in any banks that are failing like flys. Rather have it invested in the stock market, that way i can remove it at the first sign of trouble, dont think it will happen? it has already happened in history, people lost their money thanks to having it locked away and hyper inflation taking place. Not saying that will happen, but if it can happen nows a time it could.
Clown
Very high IQ reply for someone with the audacity to call someone a clown for investing rather than saving.
Like i say, our investments have FAR exeeded inflation and all savings rates offered currently so again, why would people with saving lock their cash away for years in a volatile moment. When you lock your money away for less interest than inflation your LOOSING money, not earning it.
Simple economics that you should understand if im just a clown.
Also everything i said about people loosing their money in the past in the bank is a simple fact thats happened multiple times over the last few 100 years.
@@macsmith6216
flies
Insufferable ads.
Lock it in...
Put a million pounds in,think im on the wrong channel.
Savings 😂😂😂😂😂😂
Don’t like the suggestion in the first half of this. If everyone was to play the system as suggested the banks would move the goalposts. It’s stealing in actual fact. So immoral advice from Martin imo
That's it Martin, tell everyone to go open fixed rate accounts, again and again until we see rates drop...... That won't swamp the bank systems or the poor handful of analysts having to process all these requests.
So as with the "everyone go submit energy readings" a while back.
The system won't cope well, people will see big delays in those requests and other requests to existing accounts and what will the magnificent Mr Lewis do... Blame the banks for not being able to handle the influx of requests.
Listen to this guy waffle on for hours, and you might save £3.37p a year if you've got thousands in savings already.
accurate
@macsmith6216 who said he listened, dopey?
I'm here just reading comments. I haven't hit play coz I can't stand the bloke.
Is that OK?
@@alwaysright429
So you’re just here to get a reaction
Totally understand now, you really are a W⚓️
I guess you can’t do maths then. If you have £2,000 in savings the rate he’s mentioning will give you £124 a year. Mock if you want, but I’ll take that.
@@a1white £3.37 is a metaphor for how little it matters. Its the difference between the "rate" you have already got /or found, (the average bank rate even ) against what ever it is he waffles on about at any given moment or topic.. I.E the difference is not worth getting your nickers in a twist about. Especially if you have a spare few grand knocking about. Its the equivalent of saving up money off tokens and researching for hours to get 10p off a tin of beans.