1. Sweeping
Find out if your bank of building society offers a monthly "sweep" facility. This means that whatever is left in your current account on the day before payday can be transferred into a savings account without you having to lift a finger.
Abbey, HSBC, First Direct, the Co-operative and Intelligent Finance will all set up a "sweep" on your account free, while Royal Bank of Scotland and NatWest charge an annual fee of £35.
2. Save the change
Customers at Lloyds TSB can sign up to a unique saving scheme called Save The Change, which rounds up debit card purchases to the nearest pound and saves the difference in a designated savings account. For example, if you buy a sandwich for £1.70, the bank will deduct £2 from your current account, with 30p going into your savings account.
3. Children's perks
When parents sign up to KidStart.co.uk, they earn up to 20 per cent back on purchases made on their debit or credit cards at hundreds of online or high street retailers. This cash is deposited in either a Child Trust Fund or a nominated children's savings account. It is free to join, and is also open to grandparents or friends.
4. Cashback credit cards
Credit cards that reward you with money back have been on the market for a while, but Leeds Building Society is the only provider to return the cash by cheque, rather than as a credit on your card's account. All you have to do is deposit the money in a savings account. The Leeds Building Society Cashback Mastercard has an APR of 17.9 per cent and offers 0.5 per cent cashback on all purchases.
5. At the supermarket
If your supermarket shopping comes to less than you've budgeted for, ask the cashier to add the difference to your savings account. Both Tesco and Sainsbury's allow customers with one of their savings products to pay money into their accounts at the tills with the swipe of a debit card.
6. Collect your reward
The Co-operative membership scheme rewards regular customers with a cash dividend twice a year in exchange for the points they have collected across the group's finance, travel, funeral and food divisions. The cash can be paid directly into a savings account, which doesn't have to be with the Co-op. Last year the Co-operative's 2.5 million members were paid 1.43p per point.
7. Regular savers
Sign up and a standing order will take between £20 and £250 from your current account to a regular saver account, often with excellent rates. Abbey's Fixed Monthly Saver, for example, promises a 7.25 per cent return on your cash for 12 months.
8. Deposit for your first home
NatWest is helping first-time buyers with a new account that rewards you with cash just for saving for a deposit. The First Home Saver Account promises to pay £125 on savings of £500, rising to £5,000 on savings of £50,000. The account has to be open for at least six months before you seal your first house deal, and regular payments of at least £50 have to be made.
The best bit is that you can transfer savings you have built up already into the account and still earn the cashback. The only drawback? To collect the money, you have to take out a mortgage from NatWest, which might not offer the best deal for you.
9. High-interest current accounts
A high-interest current account means that your money is working for you without you having to do anything. Standard current accounts have rates of nly 0.1 per cent, but Halifax pays 5.12 per cent on balances of up to £2,500 with its High-Interest Current Account. Unlike other current accounts boasting attractive rates, the interest you receive from Halifax won't fall after the first year.
10. Loose change
Last but not least, whether you keep it in a shoe box or a pink pig, loose change can grow into a healthy sum. Just 50p a day adds up to £182 a year. Transfer this annually into a high-interest savings account with a rate of 7 per cent, and your spare coppers and silver will turn into £2,690 after ten years, or £38,876 after 40.
By James Charles
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