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Martin Lewis has warned Brits that 7 per cent interest regular savings don’t actually pay as much interest as they think.

The MoneySavingExpert.com founder previously said his listeners get in touch with him to point out that regular savings accounts are a ‘con’ because of a rule about the way the interest in the accounts is calculated.

On the market currently are high-interest savings accounts from First Direct and Co-op Bank, their 7 per cent fixed account and 7 per cent variable, respectively.

Martin warned that the interest is only paid on what you put in as you go, and you won’t max out the account until the end of the year.

The BBC and ITV star said back in July: “Lots of people get in touch with me about these regular savings accounts and go ‘it’s a con! It’s a c

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