Martin Lewis, the renowned Money Saving Expert and BBC Sounds podcast presenter, has revealed that bank account holders could soon receive a free £100 payment.
The ITV star used his latest newsletter to share a financial tip for those with certain savings accounts.
In his Money Saving Expert newsletter, Mr Lewis suggested that depositing £10,000 into one of Hargreaves Lansdown’s active savings accounts could result in a £100 bonus.
He explained how Hargreaves Lansdown’s savings marketplace allows users to save and transfer money through various banks via a single online account, Birmingham Live reports.
To secure this bonus, savers are advised by MSE to open a new account with Hargreaves Lansdown, deposit £10,000 within the first 60 days, and maintain it there for six months. After this period, the £100 cashback will be received.
However, time is running out to claim this offer as it is only valid until June 30. Despite the potential bonus, the interest rate offered on the account did not make the top picks, according to MSE.
If you deposit a precise sum of £10,000, the bonus essentially boosts the interest rate by an additional one percent over the year. MSE pointed out: “While it misses the very top picks, if you put exactly £10,000 in, the bonus effectively adds one per cent over a year. As its current top easy-access savings is 4.72 percent and one-year fix is over five percent, add one percentage point to those and they smash the best buys.”
Chase Bank is currently leading with an unbeatable easy-access rate of 5.01 percent, while Oxbury tops the charts with the highest fixed rate at 5.22 per cent for a six-month term, as detailed in this week’s newsletter.