Martin Lewis tells money savers to act now for £100 bonus - how to get free cash
The recent MoneySavingExpert.com (MSE) newsletter has shared a money-making hack for people who have certain saving pots.
Martin Lewis has revealed a trick to boost your savings by an extra £100, but time is running out to take advantage of it.
The latest MoneySavingExpert.com (MSE) newsletter shared a money-making tip for those with larger savings pots of over £10,000. The newsletter suggested that if savers deposit £10,000 into one of Hargreaves Lansdown's active savings accounts, they will receive a £100 bonus on their cash pot.
The MSE newsletter detailed how Hargreaves Lansdown's savings marketplace allows you to save and transfer money through different banks via one online account. To secure the bonus, MSE advises people to open a new account with Hargreaves Lansdown, deposit £10,000 within the first 60 days, and then keep it there for six months.
After this period, you will receive the £100 cashback.
However, it's crucial to note that this is an "MSE blag" and is only available to those who open an account through the link in the recent MSE newsletter. The offer is only valid until June 30, so there isn't much time left to claim the freebie, reports the Mirror.
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The MSE newsletter did acknowledge that the interest rate offered on the account did "missed the top picks" currently. However, if you deposit exactly £10,000, the bonus effectively adds an extra one percent onto the interest rate over the course of the year.
MSE highlighted: "While it misses the very top picks, if you put exactly £10,000 in, the bonus effectively adds one percent 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."
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The MSE site notes that the most lucrative accounts still offer returns that outstrip inflation. Presently, Chase Bank leads with an easy-access rate of 5.01 percent, while Oxbury offers the highest fixed rate at 5.22 percent for a six-month term.
Regular savers can earn even higher rates, although these accounts typically cap monthly contributions.
For instance, Saffron Building Society's linked saver yields a fixed eight percent for one year, but limits deposits to £50 per month. First Direct and Co-Op bank also offer attractive rates of seven percent, with more generous deposit caps.
First Direct permits up to £300 monthly, but prohibits withdrawals, whereas Co-op allows £250 per month and provides flexibility for withdrawals without penalties.