There’s never been a better time to save. The credit crunch means banks are desperate to suck money in so they can lend it out at high rates, and that means savers can get seriously good interest.

Yet most people are not savers but losers! That’s because with most accounts the interest you get after tax is less than today’s high inflation rate, meaning your money’s actually shrinking. So this is a wake-up-call to urgently check you’re maximizing your interest so your cash ca really grow.

We invited a MoneySaving guinea pig into the studio who needed to wake up his £9,300 of savings. If he follows Martin's tips, he could earn an additional £585 a year interest.

Step 1: Pay off any debts

Most credit cards and loans cost much more in interest than savings pay. So if you’ve got debts at high rates, pay them off with your savings and you’ll be quids in.

External Link: Read Martin’s full Pay Off Debts With Savings guide for more information.

Step 2: Use a cash ISA

First, put any spare money in a cash ISA. Effectively, it’s just a tax-free savings account. Each tax year you’re allowed to deposit up to £3,600 into one, though you can only have one ISA per tax year.

External Link: Full details including daily updated best buys are in Martin's Top Cash ISAs guide.

Step 3: Then use the top normal account

Put the remainder or your cash into the best paying savings account. These are simple accounts where you can normally deposit as much as you like and take it out when you like. However, to get the really top rates, you’ll need to lock your money in for a year.

External Link: Full details, including daily updated best buys, are in Martin’s Savings Accounts guide.

Step 4: If you save regularly you can earn more

If you want to put money aside each and every month you can earn higher rates; though only on relatively small amounts of money for a short time.

External Link: Full details, including daily updated best buys, are in Martin’s Regular Savings guide.

How to ensure your savings are safe

Even in today’s climate, it’s unlikely any UK bank will be allowed to go bust. In the unlikely event it did, the first £35,000 per person, per financial institution is protected. Therefore, if you’ve got more than this, simply spread it around a few accounts to keep it extra safe.

External Link: There are some complications though so if you have more than £35,000 read Martin’s full Safe Savings guide for a detailed explanation.