Martin Lewis reveals how certain bank account holders can quadruple their interest rate (and even get free cash!)

Martin Lewis has revealed how some bank account holders can “quadruple” their interest and start earning thousands of dollars a year on their savings.

The 51-year-old money saving expert discussed interest rates on last night’s episode of ITV’s Martin Lewis show Cash Money, live from Manchester.

Thousands of people are staying faithful to their bank accounts over the long term, but that could mean keeping interest rates at 1.2 percent.

Consequently, savers miss out on significant interest rates that could earn them thousands of dollars over the course of a year, and all they have to do is switch from their current bank.

Speaking to a live audience, a money saving expert recommended Nationwide with an impressive interest rate of 8 percent.

Martin Lewis (pictured) revealed the best bank account for high interest rates on yesterday’s episode of The Martin Lewis Money Show Live.

“Nationwide pays the highest interest rate, eight percent per year, variable for one year,” Martin said.

To encourage Brits to get into the habit of saving, the bank has offered an impressive interest rate to all Flex Regular Saver account holders.

By switching to Nationwide, each customer can benefit from an additional eight percent of their savings over the course of a year.

The bank does not require the holder to deposit money into the account regularly, but if you do so, contributions will be capped at £200 per month.

If customers pay the maximum amount each month for a year, they can earn an extra £103 in interest.

The incentives don’t stop there, with the bank also offering current account customers a £200 fee using its new current account switching service.

The money saving expert also highlighted the benefits of a First Direct savings account.

Speaking to the audience, Martin said that Nationwide currently offers the highest interest rate.

First Direct offers a seven per cent interest rate for a fixed term of one year.

Unlike Nationwide, monthly deposits must be between £25 and £300. As a result, the amount of potential interest earned is higher than with Nationwide, with a maximum of £135 per year for every £3,600 saved.

Martin explained: “You have to make contributions every month, but you can put in… £300 a month, so overall over the course of the year you’ll earn more interest because even though the rates are lower, you’re putting more money in there.” .’

There is also a bonus for new customers, as the bank will pay an additional £175 for the switch.

The money-saving expert said that by switching to Nationwide, each customer could earn an extra £103 a year for every £3,000 saved.

It comes after Martin Lewis revealed the best savings account for those at risk of dipping into their savings – and how to get £175 for free.

Last night, ahead of his live broadcast in Manchester, the 51-year-old money-saving expert appeared on ITV’s This Morning to answer viewers’ financial questions.

One caller named Callum called the program and asked how to stop using his savings account.

The caller puts £200 into his savings each month but finds himself withdrawing the money at the end of the month, rendering his efforts futile.

To answer Callum’s question, Martin revealed a top savings account with a seven per cent interest rate that prohibits cash withdrawals.

First, a money saving expert explained the importance of budgeting when it comes to maximizing your savings.

He said, “I always make sure you make a budget. Make sure you set a spending amount, whether you do it using a spreadsheet or withdraw a certain amount in cash, to keep your budgeting on track.”

Once everything is in order, Martin recommended opening your first direct recurring savings account.

First Direct is the banking arm of HSBC and their savings account pays seven interest for up to 12 months.

Martin explained: “The bank has a linked recurring savings account where you can put up to £300 a month and it pays seven per cent interest, so that’s a whopping amount.”

There’s also a bonus for new customers because “you’ll have to pay £175 to switch,” Martin said.

“So you could get £175 and then lock in your usual savings of seven per cent for next year,” the money-saving expert added.

However, he warned: “You can’t withdraw the money, so once it comes in, you’ll have it for a year.”