1. Opt for a fixed rate

If you can afford to lock up your savings for a year or more, then you will get the best return on your money. Banks and building societies are struggling to raise money on credit markets, so need to attract money from retail savers, you and me in other words.

To this end many are offering gravity-defying rates to customers who are prepared to hand over their money for six months, one year or longer. Remember it is not a good idea to lock up all your savings in a fixed-rate bond, as you should keep a "rainy day" fund in an instant access account for emergencies.

2. Get online

Rip up your passbook and hang-up your telephone bank account, the best rates are usually reserved for internet-only accounts. These are cheaper for banks to run, so consumers can benefit with preferential rates.

3. Pay less tax

The Conservatives have pledged to abolish basic-rate tax on savings, while Gordon Brown has said Labor will do more to "help savers". But until politicians’ promises become policy savers can help themselves by ensuring any money squirreled away is saved tax-efficiently.

All non-taxpayers should complete a form to ensure all interest is paid gross, and that 20pc tax is not deducted automatically by your bank or building society. Those that pay tax should ensure that the first £3,600 (£5,100 from April 6 2010) they save each year is in a cash Isa, where returns are paid tax-free. Higher-rate taxpayers, may want to hold savings in the name of a spouse if they are in a lower tax bracket.

4. Watch out for short-term bonus rates

Although these are less prevalent than they used to be, many banks and building societies propel their savings account to the top of the best buy tables by offering short term hefty "bonus rates". But once these disappear your savings account may be barely keeping pace with inflation. By all means take advantage of these short-term deals, but make sure you switch once this bonus period ends.

5. Keep a watchful eye on your savings

Best buy account rarely stay at the top of the tables for long. But banks know if they lower rates, many of their savers will never switch. If you want to get, and to keep getting a good return on your savings, check every six months or so to ensure you are still getting a competitive returns.