Martin Lewis Money Show – live: fixed savings accounts with highest rate since 2009

Martin Lewis says it’s still possible to claim money for working from home

Savings rates are at their highest since 2009, with fixed-rate accounts now offering interest of up to 4.85%, the founder of MoneySavingExpert said in a special live episode of the Martin Lewis silver show.

Consumer champion Martin Lewis discussed ISAs, savings rates and investment fees in the series’ latest episode on Tuesday night.

He and co-host Angelica Bell answered questions from worried members of the public this month on ITV in a series of hour-long live specials aimed at helping people weather the cost of living crisis .

The series first aired in 2012 – during the government’s austerity drive – in half-hour increments, and since 2016 has aired a series of longer live specials to help viewers with the likes of Brexit and the coronavirus pandemic.

The latest set comes as households across the UK struggle to cope with soaring energy bills, rising food costs and rising interest rates, as new Prime Minister Rishi Sunak puts warns of the “tough choices” ahead as he seeks to fill the vast hole torn in the nation’s finances. .

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And that’s all since Martin Lewis Money Show tonight, thanks for following here.

Andy GregoireNovember 1, 2022 9:04 p.m.

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Viewers in England told how to grab a free pack of beer

Martin Lewis has informed viewers in England that they can buy a free four-pack of Heineken Silver beers at Tesco using a new voucher.

Andy GregoireNovember 1, 2022 9:04 p.m.

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NHS workers urged to get Blue Light discount cards

Those working in the NHS have been told to pick up a £5 Blue Light card, which claims to offer more than 15,000 discounts on the high streets and online at major retailers and local businesses, including restaurants, for health workers and other emergency service workers.

Andy GregoireNovember 1, 2022 9:00 p.m.

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Viewers urged to check if they are eligible for zero-rated childcare

Martin Lewis urges viewers to check if they qualify for tax-free childcare.

Those with children aged three to four typically get 15 to 30 free hours a week, applied to 30 to 40 weeks of the year, Lewis says.

If you qualify for tax-free childcare, you must work 16 hours or more per week and earn at least the national living wage. You put in 80p and the government puts in 20p up to a maximum of £2,000 a year, he says.

Andy GregoireNovember 1, 2022 8:57 p.m.

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Viewers Ask What Constitutes Reasonable Investment Fees

When asked what a reasonable investment fee would be, Certified Financial Planner Sarah Lord said fees vary widely.

Consumers should be aware that they pay higher fees in the first year because of the cost of setting up these investments, she adds.

If you’re investing in actively managed funds, the fees could be as high as 1.5% per year, Lord says.

If you’re considering investing your life savings, seek out an independent financial adviser, says Martin Lewis.

Andy GregoireNovember 1, 2022 8:46 p.m.

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Consider a longer period if you’re considering stocks and stock ISAs, says a financial planner

Certified Financial Planner Sarah Lord says that if you’re looking to invest in a stock and equity ISA, you should consider a term of five years or longer.

The best part is that you pay no tax on the income you earn from the shares and capital gains tax applies when you sell your investment if you realize a gain.

People should “drip feed” their investments given the current volatility in the markets, says Lord.

Andy GregoireNovember 1, 2022 8:45 p.m.

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Martin Lewis asks if people should ‘use or lose’ their cash ISAs

Martin Lewis talks about the personal savings allowance.

He says many more people will now be paying taxes on savings in their ISAs.

He asks whether people should ‘use or lose’ their cash ISAs, which you can put up to £20,000 a year into tax-free.

If you don’t have a tax ISA but you pay tax on some of your savings, he suggests you open an ISA and put your taxable savings there.

Andy GregoireNovember 1, 2022 8:35 p.m.

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Viewers invited to vote in a poll on the premium bond scenario

The MoneySavingExpert founder is asking Twitter users to take part in a poll where he asks viewers for their opinion on the best way forward in a scenario where two younger siblings receive premium bonds from their grandmother.

“Unexpectedly, we win £50,000. Should parents ask the winning child to give 1/2 to his brother or leave him because the winner takes it all? ” he asks.

Andy GregoireNovember 1, 2022 8:23 p.m.

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People are urged to use the government’s savings assistance scheme

Martin Lewis is urging those who qualify to take advantage of the government’s Savings Aid Scheme, savings accounts which allow some people qualifying for the Working Tax Credit or receiving Universal Credit to get a 50p bonus for every pound saved over 4 years.

Andy GregoireNovember 1, 2022 8:19 p.m.

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The highest fixed savings rates are now 4.85%

The best fixed rate savings accounts are now at 4.85%, the highest since 2009, according to Martin Lewis.

These are guaranteed rates, but you cannot access the money.

For those considering switching banks, he advises waiting a week and seeing what happens to fix rates. However, Mr Lewis urges those who have not changed banks in years to do so now.

Andy GregoireNovember 1, 2022 8:16 p.m.

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