Martin Lewis has explained a savings hack that could substantially boost your money - and it only requires a £1 investment.
Speaking on ITV 's Money Show Live, Martin had a specific tip for HSBC customers to help them get a better rate on their savings.
The money 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've got a current account or a savings account. Well its flex savings account allows you to open it with £1.
“So you can put £1 in HSBC's flex saving account, which has a very poor rate, and that will give you access to this account what pays 3% and you can put up to £10,000 in.“
But Martin advised his fans to keep a close eye on saving rates, with the Bank of England expected to hike interest rates again this week.
The base rate is currently at 2.25% and analysts are predicting it could rise to 3%.
Martin said the minimum rate of interest savers should be earning is 2%.
He recommended various accounts that offer 2% rates, including products from Marcus, Saga, Yorkshire Building Society, Barclays and HSBC.
He said: "UK base rates have been rising since December and are likely to rise again this Thursday.
“But while variable mortgage rates have shot up in the blink of an eye, we've yet to see most savings rates rise at all."
Martin said this is the "big downer" when it comes to saving money - as rates are still massively behind inflation, which is at 10.1%.
But still, your money has to go somewhere - which is why he recommends finding the best account that pays a top rate.
"All savings in reality are losings," he said.
"Which means even in the top paying fixed accounts your savings are not growing as quickly as prices are rising.
"So your purchasing power of money kept in savings is diminishing even in the maximum interest.
"Now, you might be thinking - what's the point of bothering?
"The honest answer is you could look at investing. But the higher your savings earn the more you mitigate the damage of inflation.
"We cannot prevent it, but we can mitigate it. So it's probably more important now than ever that you get the top rate."
