How to make your savings go further

1. High interest current account. If you’re drip feeding regular payments from a current account into a regular savings account, then make sure that you’ve chosen a high interest paying current account to earn the maximum amount of interest possible.

2. Pay off your debts. It’s always wise to pay off any personal loan or credit card debts before you start saving, however, you may incur an early redemption charge when paying off a personal loan so it’s worth checking first. The cost of interest on debts is usually much higher than the interest you’ll earn on any savings.

3. Cash ISA. They work just like a normal savings account, but the interest you earn is tax-free. You can save up to £3,600 each year in a Cash ISA.

4. Switch your low interest Cash ISA. Transfer it into a higher paying Cash ISA without loosing your tax-free allowance.

5. Regular Savings account. Regular savings accounts typically pay higher rates of interest than standard savings accounts. You can make regular payments into your regular savings account from a current account. Most regular savings accounts let you save up to £300 per month, so they if you have a lump sum to save then they may not be as suitable as a fixed rate bond, notice account or internet savings accounts.

6. Fixed rate bond. If you’re happy to tie your money up for a set period of time, you can earn higher rates of interest on a fixed rate savings bond.

7. Don’t forget notice accounts. If you’re happy to tie your money up in a 90, or 180 day notice account, you can earn higher rates of interest.

8. Internet savings accounts are currently paying higher rates of interest because Financial Institutions don’t have to pay for staff or branches to manage these forms of savings accounts.