Martin Lewis has said there is 'big saving news this week' and that people need to take action. He appeared on Nihal Arthanayake’s BBC Radio 5 Live following his summer break and had important news to share.

He began with some urgent advice for for everyone with savings, especially those who may have recently sold their property and have money tucked away in different accounts, reports the DailyRecord. Speaking about the “big savings news this week”, he said it is “pretty urgent and people need to know about that one”.

"This is really important because we have an outlier and it doesn’t normally happen, but currently NS&I (National Savings & Investments) - the UK Government-owned savings institute - has a massive best buy, which is effectively a one-year fixed savings account paying 6.2 per cent," the MoneySavingExpert founder said.

"That is more than any other best buy fix for any other length of time, whether you’re fixing for five years or six months, there is nothing paying 6.2 per cent.” He went on to explain that on rate alone, it is the “absolute best buy” and added, “you lock in, you get this rate guaranteed for a year.”

The consumer champion said that because it is NS&I, and every penny saved is backed by the Treasury, whatever money people have in the account is protected. “Not only is it massively the best rate on the market, but you can also dump as much money as you’ve got - up to one million quid - in there," he said.

He explained that those who should consider NS&I account and take advantage of the 6.2 per cent savings rate for a year are those who have made money from a house sale in the last year or two and are holding on to the cash until the property market comes down again. He also gave more information on the two NS&I accounts available at the bumper savings rate. “You’ve got the Guaranteed Growth Bond that pays a lump sum of interest at maturity - at the end of the 12 month period - and the Guaranteed Income Bond, which pays you interest each month," he explained.

“If you need the interest, go for the Guaranteed Income Bond, if you don’t then which one you get depends on your tax circumstance, because the tax crystalizes when you can access the money.” He went on to reiterate how there is no deal on the market on par with this one right now but it will not be around forever - in fact once the Treasury has reached its savings target - some £7.5billion.

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