Martin Lewis urges everyone to move to 'one of four banks' to get ahead of interest rates cut

Finance guru Martin Lewis has dropped a crucial tip for everyone with a bank account, suggesting it's high time to consider switching things up to get the best interest rates.

Speaking out on both BBC Sounds and ITV, the savvy money expert has highlighted the fluctuating nature of easy-access savings rates in different parts of the UK. Taking to Twitter, the now removed user Martin posted: "The top easy access savings now beat fixes. Check what yours pay, you can still get 5% or more."

In his much-followed weekly newsletter, Mr Lewis remarked: "What's happening to savings is a mirror of mortgages, except here higher rates are good, lower bad.

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"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.

"So while normally you tend to get better rewarded for locking money away in a fix, right now you don't. 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, so it's looking good, especially if you want access to your cash," reports Birmingham Live.

He continued: "Though the benefit of fixing is long-term rate surety, so 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)."

MoneySavingExpert's Martin Lewis has shared a crucial tip for savers, urging them to compare rates and switch if they find better options. "For everyone though, the key rule is 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."

According to the MSE guide, the top performers include Chip at 5%, Oxbury at 4.87%, OakNorth Bank with 4.82%, and Monument at 4.81%. Chip offers an account with no minimum deposit that can be opened via an app, while Oxbury requires a minimum of £25,000 and accepts up to £500k online. OakNorth Bank sets its minimum at £20k, and Monument starts at £25k.

"There are far more options in top savings, including top big-name savings, plus higher rates if you have (or open) the right current account," Mr Lewis explained.