Money Saving Expert Martin Lewis, 47, revealed an all new savings account recommendations today on Good Morning Britain.
He told ITV viewers they should switch their savings to a certain Islamic bank.
Instead of offering interest the bank offers savers a share of profits.
This is ahead of a predicted nosedive in interest rates Martin claims could be as bad as the 2016 record low.
Martin said: “Savings rates are dropping – but a new sharia easy-access account pays 1.6 per cent expected profit.
“The mood music for savers isn’t good, with top easy-access payers Marcus and Cynergy both slashing their interest rates from 1.5 per cent AER to 1.45 per cent AER over the last couple of weeks.
“But last week Islamic-compliant challenger bank Al Rayan bucked the trend by launching an easy-access Everyday Saver account (min £500) paying an ‘expected profit’ of 1.6 per cent variable.”
So how exactly can Islamic banking profit British savers?
“Al Rayan is a sharia bank, meaning it follows Islamic banking principles – interest is prohibited, so it pays an ‘expected profit rate’ instead,” Martin added.
“Al Rayan Bank has always paid out on this expected rate in the past, but by definition it’s not guaranteed.
“The account has full UK savings safety protection, meaning your money would be protected up to £85,000 if the bank were to go bust.
“You can open it online, by phone or in branch, and you don’t have to follow Islam to get it.
“Alternatively if you’re willing to lock cash away for a year or two, you can beat this rate, getting 1.86 per cent with Arbuthnot (min £10k) and 1.85 per cent with Metro(min £500) for one year, or 2 per cent interest (min £1k) for two years with First Save.
“Again though there are sharia options that beat them.”
Martin Lewis also discussed easyJet flights which are currently on sale for summer 2020.
On his ITV show this week Martin said: “On Thursday (September 19) easyJet will release all of their flights for April to August next year.
“I am not sure what time it will be, because they move it around each year, it could be 5am, it could be later.
“Buying the moment they are released means super cheap holidays for next summer.”
Martin revealed one man booked flights at 6am for around £300 and by 9am, they were £600.
EasyJet said on their website: “All our flights up to 30th August 2020 are now available to book.