The Money Saving Expert founder Martin Lewis has shared a ‘money making hack’ that will give you a free £100 in your bank account – but you’ll need to act fast before the deadline
Martin Lewis, renowned money saving expert and host of the BBC Sounds podcast, has revealed that bank account holders will soon be able to get a free £100 withdrawal.
The ITV star used his latest newsletter to share financial tips for those with certain savings accounts.
In his Money Saving Expert newsletter, Mr Lewis suggested that depositing £10,000 into any of Hargreaves Lansdowne’s active savings accounts could result in a £100 bonus.
He explained how Hargreaves Lansdowne’s savings marketplace allows users to save and transfer money across multiple banks from a single online account, Birmingham Live reported.
To claim this bonus, MSE recommends savers open a new account with Hargreaves Lansdown, deposit £10,000 within the first 60 days and keep it there for six months. After this period, you will receive £100 cashback.
However, time is running out to take advantage of this offer as it is only valid until June 30. Despite the potential bonus, the interest rate offered on the account was not among the best, according to MSE.
If you deposit exactly the amount of £10,000, the bonus will significantly increase your interest rate by a further one percent over the course of the year.
MSE said: “Although the best deals are not taken into account, the bonus actually increases by one percent over the course of the year if you invest exactly £10,000.” With the current maximum Easy Access savings rate at 4.72 per cent and the annual cap at over five per cent, add a percentage point to that and they outperform the best buys.
” The Access rate is 5.01 per cent, while Oxbury tops the table with the highest fixed rate of 5.22 per cent for a six-month term, as detailed in this week’s newsletter.