The recent Money Saving Expert (MSE) newsletter shared a money-making hack for people who have larger saving pots of over £10,000
Martin Lewis has shared how you could get an extra £100 on your savings – but you don’t have long left to take advantage.
The recent MoneySavingExpert.com (MSE) newsletter shared a money-making hack for people who have larger saving pots of over £10,000. The newsletter said that if savers put £10,000 their money into Hargreaves Lansdown’s active savings account then they will receive a £100 bonus on their cash pot.
The MSE newsletter explained that Hargreaves Lansdown’s savings marketplace allows you to save and move money through different banks through one online account. To get the bonus, MSE says people will need 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, you will receive the £100 cashback.
However, one very important aspect of this is that is it an “MSE blag” and is only available to people who open an account through the link in the recent MSE newsletter. The offer is only available until June 30, so you do not have a lot of time to claim the free. The MSE newsletter did note that the interest rate offered on the account did “missed the top picks” at the moment. However, if you put in exactly £10,000 the bonus actually added an extra 1% onto the interest rate over the course of the year.
MSE said: “While it misses the very top picks, if you put exactly £10,000 in, the bonus effectively adds 1% over a year. As its current top easy-access savings is 4.72% and one-year fix is over 5%, add one percentage point to those and they smash the best buys.”
According to the MSE website, the top-paying accounts still pay above the rate of inflation. The best easy-access rate right now is 5.01% from Chase Bank and the best paying fixed rate account is from Oxbury which pays 5.22% for six months. Regular saving accounts pay even more than this – but you’re normally limited to how much money you can save each month.
For example, Saffron Building Society has a linked saver which pays 8% fixed for one year – but you can only deposit up to £50 each month. First Direct and Co-Op bank also pay 7% but you can deposit much more each month. First Direct allows you to put away £300 – but you can’t make withdrawals – whilst Co-op allows you to deposit £250 a month and you can take you cash out without a penalty.
