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

Speaking on this week’s  ITV The Martin Lewis Money Show, the Money Saving Expert founder suggested opening a 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've got a current account or a saving's account. Well it's 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 that pays three per cent and you can put up to £10,000 in.”

He added: "Let's stop the savings rip-off. 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.

"All savings in reality are losings 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."

The Martin Lewis Money Show returns to ITV next Tuesday and you can catch up on the ITV Hub.

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