Savers can double their return by taking a more innovative approach to the savings account they choose and by taking advantage of a rate-beating account from Halifax.
A report by the Daily Mail found that the Halifax Children's Regular Saver's account is a great way to get a substantial return and a good interest rate.
The account has a competitive rate of ten per cent before tax for a year on savings from £10 to £100.
Halifax also offers a competitive market-beating rate of 4.5 per cent on all of its accounts, not just its kids' accounts.
The Halifax Regular Savings account pays 5.6 per cent for year for savings of a minimum of £25 and a maximum of £250.
At this rate, saving £100 a month for a year with Halifax pushes savings up to £1,236.40 after 20 per cent tax.
Recent reports have shown that competition is hotting up between banks as they battle to give the best rates and pull in more customers.To read more about Savings Accounts, click here.
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