Martin Lewis on how to get free £100 with savings account that offers 5.16% interest | Personal Finance | Finance

With so many banking and savings accounts available it can seem impossible to get the best deal available. Luckily, finance experts have shared some of the best options for your money out there – including a savings platform that is currently offering £100 cash for joining.

According to Money Saving Expert, the money advice website launched by Martin Lewis, savings platform Raisin currently has a £100 cashback offer that will run until September 30.

As part of the offer you can also gain a savings account with interest rates of up to 5.16 percent.

Rather than directly dealing with a bank or building society, a savings platform can offer accounts from various partnered banks, with various accounts eligible for the cashback scheme.

However, to qualify for the £100 you have to be able to deposit a sizable amount.

Money Saving Expert said: “Newbies to Raisin who save £10,000 plus for at least six months can get £100 cashback.”

To sign up you will need to register with Raisin and enter the code OFFER100 in the promo code box (it’s the very last field before you create your account) by 11.59am on 30 September.

According to Money Saving Expert, you will then need to open a new savings account and fund it with at least £10,000 by 11.59pm on 15 October.

“Qualifying accounts include easy-access accounts, notice accounts and fixed accounts with a length of six months or longer,” the site said.

You will also need to keep that £10,000 or more saved there for at least six months.

If you register for an easy access or notice account the cashback will be paid into your Raisin account within 14 days after the account has been active for six months.

But for fixed accounts the cashback will be paid into your Raisin account within 14 days.

Temi Sogbuyi, from Money Saving Expert, shared the top-pick accounts available on Raisin that are part of this scheme:

• Monument – 4.91 percent easy-access account
• Investec – 5.02 percent 32 days’ notice account
• National Bank of Egypt – 5.06 percent six-month fixed account
• Mizrahi-Tefahot Bank – 5.16 percent one-year fixed account.

According to Temi, now is a good time in general to be paying into a savings account.

She said: “After many years of low rates, savings have made a significant comeback over the last year. And while rates are on their way back down from recent peaks, top savings still pay more than inflation, so there’s a chance to really make your money work for you.”