Martin Lewis reveals how you can make hundreds with HSBC’s online bonus savings account

Martin Lewis has urged Brits to spend just £1 to open an online savings account that could potentially earn them hundreds.

Speaking on ITV’s The Martin Lewis Money Show this week, the Money Saving Expert Founder suggested opening an HSBC account.

The cash saving guru said: “HSBC’s online bonus saver pays 3% and up to £10,000.

“Here’s a trick, the terms say you can get this account whether you have a checking account or a savings account. Well, the Flex savings account allows you to open it with £1.

“So you can put £1 into HSBC’s Flex Savings account, which has a very bad interest rate and gives you access to this account that pays out 3% and you can deposit up to £10,000.”

He added: “Let’s stop the savings rip-off. UK interest rates have been rising since December and are likely to rise again this Thursday. But while interest rates on adjustable-rate mortgages have skyrocketed in the blink of an eye, we have yet to see most savings rates rise at all.

“All savings are actually losses, which means that even in the best-paying fixed accounts, your savings aren’t growing as fast as prices are rising. So your purchasing power for savings goes down even at maximum interest.”

The Martin Lewis Money Show returns to ITV next Tuesday and you can find out more via the ITV Hub.

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