paid a miserly 0.55% interest.

So while it's wise to keep some cash savings handy for emergencies,

could you make your money work harder by using it in a different way?

When's the last time you agreed a new deal?

Low interest rates means tempting deals are available, and you could save thousands a year

by switching.

If you're on a tracker mortgage, today's cut might make your monthly repayment slightly smaller,

but many borrowers on their lender's floating rate will not see any cut passed on.

And could you overpay your mortgage?

Your lender will tell you if your overpayments are allowed on your loan,

and online calculators show you how much you could save in interest repayments.

If you've got a company pension,

it could make sense to pay more in every month.

This is called an additional voluntary contribution, or AVC.

Some generous employers might match your overpayments - ask your HR department.

But even if they don't, you will still benefit from tax relief at your marginal rate,

but higher earners should be wary of busting annual and lifetime savings limits.

The tax efficient savings accounts are still mainly used for cash savings, despite rock bottom interest rates.

The stocks and shares ISA gives much more scope for growth in the medium-term and is dead-easy to set up.

From next April, you can pay in up to 20,000 pounds a year.

To read more about how to make the most of your money, go to ft.com/money.