The BBC Sounds podcast host addressed the pitfalls of having just one bank account during a chat with Adrian Chiles, his co-host, on the latest episode.

Martin Lewis has urged anyone with one bank account to “stop” being loyal. The BBC Sounds podcast host addressed the pitfalls of having just one bank account during a chat with Adrian Chiles, his co-host, on the latest episode.

The 52-year-old said: “You know, you might have one for your bank account, you might have your credit card in a different company, you might have your savings account elsewhere. You might have five different savings accounts. So the answer is, stop sticking and being loyal with your bank.

“Go and get yourself the best pair on the market. I mean, at the moment, in savings, you can be earning, getting on for 5% easy access to the likes of Chip and Trading 212 are offering that in their cash Isas. And there are a whole host of other accounts out there that are paying decent rates.”

READ MORE All the changes coming to PIP under benefits cuts – from eligibility to assessments

Mr Lewis, the ITV star, said: “You know, Tesco, if you want a big name, 4.41% in its easy access account. All of those are probably smacking the pants off your bank. So stop being loyal with your bank would be the answer.

“Get your money out of your bank and put it in the top paying savings accounts, not just sticking with what your bank. I mean, why would you give a bank all your custom? By definition, by the way, there is no one financial institution that’s top of the table at the moment for any more than one product.”

Mr Lewis said: “Therefore, if you have more than one product with one financial institution, by definition, you don’t have the best buys. Loyalty, in that sense, does not pay. Just briefly, something occurs to me. If you take the view, say, look, my bank, Bank X is paying me next to nothing. I wonder how much money they’re making from investing my money, which I’ve given them to keep hold of.

“But you can’t really get them this. You can’t get that figure, can you? Well, look, there’s two ways to look at this. We can go very simply and we can simply say that when a bank gives you a credit card and therefore it lends you money, it will typically charge you 25% APR. When you save with a bank, which is you lending the bank your money, so it’s the same thing, it’s just the other way round, I mean, the best pair will pay you 4.5%.”