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Perhaps the first question you should be asking is: what are you saving for? Many people get in to the habit of saving over the years and continue to do so in retirement – do you really want to save from your reduced income? Is this further reducing your spending power?

Keeping a certain amount of cash in reserve for emergencies is always a good idea, but make sure you are getting the best return on your money. It seems these days that interest rates are forever changing and to get the best return you must in turn be prepared to move your money.

When did you last ask what rate of interest you are receiving on your savings?

Are you in the best type of account with your bank/building society to receive higher interest?

Could you get a higher rate of interest if you changed to a telephone or internet- based account? In most cases this change will be to your advantage.

If you have not used your full ISA (Individual Savings Account) allowance of £7,000 this year, can you utilise the £3,000 cash element of a mini ISA to keep your money in and earn tax-free interest?

We hope the answers to some of these questions will result in a more efficient way to keep your emergency pot of cash growing.

We at Silverpot hope to attract to our site the providers of higher interest rates for your savings – watch this space!

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