Martin Lewis is known and loved for his tips and tricks when it comes to money handling. This gig started out as an email that Lewis sent round to friends with information on how to save and make money. 21 years ago, he started his site MoneySavingExpert and it’s been guiding Brits through financially savvy moves ever since.
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Many look to Lewis, who has been married for 14 years, for advice when it comes to saving money. The money expert has recently spoken out out to customers of National Savings and Investments (NS&I), following Jeremey Hunt’s Spring Budget announcement earlier this month. Here’s what he said, and how others have commented on the changes.
Martin Lewis on National Savings and Investments
Jeremy Hunt- who has a whopping net worth - laid out his plans for Britain's Spring Budget on 6 March, and these included the introduction of two new saving products: British Savings Bonds and the British ISA. According to NS&I's website:
The Chancellor of the Exchequer announced in the Spring Budget that he wants to increase opportunities to help people save for the longer term. He’ll do this by launching British Savings Bonds, delivered through NS&I.
Lewis warned Brits to look at the rate before deciding whether or not it's worth it. He said:
British Saving Bond to come from NS&I new 3 year fix - the key is what is the rate - it will need to be over 5% to be worth it (unless allowing very large savings, over £85k which is when NS&I being state owned has an extra safety boon).
NS&I said these bonds ‘will offer you a guaranteed return over three years for investments between £500 and £1 million’.
Lewis took to X to talk about the new ISA too, explaining that ‘there will be a new British ISA, which allows an additional £5,000 investment on top of the £20,000 allowance - to focus only on investing in UK assets’.
How others have reacted
Many users on X have questioned who this impacts. One user, @SB4jtim, commented:
If only people had spare cash to save.
Another, @mariaingramcott, asked: ‘Who has the extra cash?????’
According to Lewis, there are a ‘surprising’ amount of people able to put away these types of numbers.
However, Matthew Carter from Coventry Building Society raised concerns that these new ISAs could cause unnecessary ‘complexity’:
The move to add an extra £5,000 to benefit those with stocks and shares ISAs means the chancellor has missed an open goal opportunity to increase broader cash ISA limits, and instead, adds further complexity across the ISA range.
The 3-year fixed-rate British Savings Bonds are set to become available in early April 2024.
Read more:
⋙ Attendance Allowance: UK's 'most underclaimed' benefit to jump to over £5k
⋙ Change in DWP payment date for thousands on benefits, here's what to expect
Sources used:
Chronicle Live: Martin Lewis issues warning to anyone using National Savings and Investments after Budget
NS&I: Budget announces NS&I 3-year fixed-rate Bonds and new 2024-25 Net Financing target
