Martin Lewis explains how to keep savings protected as he highlights top paying accounts


MARTIN LEWIS is widely known as the Money Saving Expert, and he has founded the website of the same name. Recently, the financial journalist has spoken on the topic of interest rates, during which he explained how savers could ensure their savings are kept safe and protected.

Keeping money in a savings account is something many people will do, in the hopes of making their money work for them by amassing a return via interest rates. However, with interest rates on savings being cut by various banks and building societies recently, keeping on top of the highest paying accounts out there is something many savers will need to do.

The best interest rates on savings accounts is something Martin Lewis has addressed recently.

Last week, he was asked about the current top paying fixed term savings accounts during a Question and Answer (Q&A) phone-in.

The financial journalist was appearing on The Emma Barnett Show on BBC Radio 5 Live.

It was explained that the listener, called Callum, had seen a number of savings options online, which offered interest rates that are higher than those of well-known high-street banks and building societies.

But, with Callum having not heard much about the brands offering the rates, he was hesitant as to whether it would be safe to put his savings in these accounts.

Putting him at ease, Martin explained that there is a way in which savers can have confidence that their savings are protected.

This is via the Financial Services Compensation Scheme (FSCS) – something which is set-up by parliament and funded by the financial services industry.

But, first-up, the financial journalist pointed out what the current top paying one-year fixed savings accounts were in the UK.

“It’s a very interesting question. The top one year fix at the moment is Atom bank,” he said.

Expanding on the current rates out there, Martin explained that Atom bank is currently paying 1.3 percent on this account.

He also explained other fixed savings accounts out there include Kent Reliance at 1.25 percent, and RCI Bank at 1.25 percent.

Martin continued: “All of those are protected under the UK Financial Services Compensation Scheme [FSCS] up to £85,000 per person, per financial institution.

“All UK-regulated savings accounts are.”

Speaking to last month, an FSCS spokesperson explained that the scheme offers protection up to £85,000 per person, per bank, building society or credit union.

They said: “FSCS is not able to offer advice. However, we can confirm that if savers have money in multiple accounts with banks that are part of the same banking group, that is, share a Firm Reference Number (FRN), we have to treat these deposits as if they are held with one bank.

“This means that our compensation limit applies to the total amount savers hold across all these accounts, not to each separate account.

“For joint accounts, the limit applies to each named account holder, so FSCS would protect up to £170,000 of savings.

“For our compensation limit to apply to each individual account, savers would need to hold money with banks with different FRN numbers.

“Savers can search the financial services register – – on the Financial Conduct Authority’s website to see which banks share an FRN number.”


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