Saving money can be really difficult but getting started is the hardest part. Once you’ve set yourself a savings goal and you’re in the routine of putting money aside regularly, then you’re all sorted, right? Not necessarily…even if you’re a great saver, it doesn’t mean you should sit back and let automated savings be the end of it.

It’s really important that you check-in with your savings accounts every now and then to ensure you’re getting the most out of your money. Even if you chose the best account available at the time, it may be in your best interests to switch after a little while.  

Here are some tips to give your savings a boost:

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Interest Rates

As we've all seen, interest rates can fluctuate massively due to what is going on with the economy. As a result, it’s important to look around every now and then to see which savings accounts are offering the highest rates.

To make sure that you're getting the best rates and incentives, regularly research to see what different banks and building societies are offering.

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Perks and Incentives

When switching accounts, banks often offer incentives for switching from a different provider - this applies to current and savings accounts, but both can be an advantage in order to boost your savings as every little helps. These can range from cash payments (potentially up to £200) to cashback options or package accounts (which include insurance options).

Switching can be really easy to do and a relatively quick process with your money and direct debits switched over for you. Also, there is no limit to the number of times you can switch accounts to receive multiple bonuses, however some banks will not offer the same reward twice or in a certain time period. These switching perks also apply to current accounts so make sure to check out those options too. 

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Savings Goals

Over time, your savings goals will change. Therefore, you may need to change the way you’re saving or the type of account you're saving with.

Important things to think about would be if your savings are long term or short term, do you need instant access to them, are they general or specific (for example when saving for a house, a Lifetime ISA is an option specifically for that purpose). Or, perhaps you have a few different goals wherein it would be better to have a couple of different accounts for each. 

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Other Tips:

• Make the most of the ISA allowance of £20,000 - you can spread this over different accounts for example a Lifetime ISA, Cash ISA and a Stocks and Shares ISA to get the benefits of all accounts
• Keep track of your savings - by using a spreadsheet or a money tracker, you will be able to see your progress and individual interest rates and make it easier to compare to other accounts
• Some banks reward you for saving regularly so make sure you are able to commit to the agreed amount, stay consistent and you’ll be rewarded

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