- Savings account to suit your needs
- Instant access savings
- Cash ISAs
- Is it worth savings

Times are hard for those looking for a return on their savings.

In January 2008 the average instant access savings account paid a tidy 3.8% but over the past 12 months this has fallen to just 1.1% on a in-branch account.

There is however a simple way to double your interest.

Digital dealings

The secret to beating the banks and getting a return on your money is to make the digital switch. Taking out an online savings account costs the banks less to administer and as a result you will be rewarded with double the interest. The average online saver now pays out 2.04%. It’s by no means a stellar return but it could make a tangible difference to your wealth.

A saver with £5,000 stashed away would be almost £50 better off with an online account. That’s equivalent to a week’s shopping or meal out for most of us.

And once interest rates start to rise, you can bet it’ll be the online accounts that are first to reward savers with better rates.

Something for nothing

On another note, if you’re looking to boost your money then it could be worth looking into a cashback credit card.

Almost three quarters of UK adults have a credit card and while many people associate them with debt they can be made to work for you.

There are a number of cards available giving as much as 3% cashback, many on specific purchases such as food and petrol. So long as you clear your balance at the end of every month you could make a profit. Spending £1,000 on your card would mean you end up £30 better off so long as you clear you balance of course.

Work the system

Taking a little time to search for the best deal or discover a special offer on your day to day financial products is unlikely to make you a millionaire. All these little savings can add up however so it’s worth making the effort and staying informed about what’s going on because, over the course of a year you might not notice it, but you will be significantly better off.