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MARTIN Lewis has issued a warning to anyone with money in the bank to check their account now.
"When did you last check your savings?" he asked on The Martin Lewis Money Show.
"The top interest rates have doubled since March so this the perfect time to make sure every penny pays."
Savings accounts offer interest on the money you squirrel away, but how much can vary depending on the account.
With better rates now available it could mean savers are missing out on interest worth thousands of pounds, depending on how much money they have saved.
Martin urged savers to check their rate and move their money if they find better.
But none of the accounts beat inflation, which is currently 3.1%.
Martin said: "So the truth is savings accounts are still losing money. But you want at least the best savings [rate] you can because it mitigates the impact of prices rising."
But you should have every penny in the place that earns you the most interest, he said.
There are some accounts which are "unbeatable" according to Martin, and offer the best bang for your buck
Low income households on Universal Credit are best off getting a Help to Save account.
It offers a bonus of 50% and you can save up to £50 per month for two years.
"If any of you are eligible for that you need to go for it," he said.
Lifetime ISAs are recommended for anyone buying their first home, though it's worth reading the full details to check eligibility and that it suits your needs.
Martin said: "If you're aged between 18 up to 39, as a first time buyer buying a qualifying house, which is pretty much any residential home that costs less than £450,000, you can get a 25% bonus on your savings towards it.
"You can put up to £4,000 a year for the maximum bonus ensures £1,000."
Martin's final "no-brainer" is paying off debts, as you'll almost certainly be charged more interest on credit cards, overdrafts or loans compared to the interest you can earn on your savings.
Meanwhile anyone else faces a "tricky decision" about whether to lock in with a fixed rate deal.
These can offer better rates now but you might miss out on higher rates later on, depending on how long you fix for.
Martin said: "With fixed rate savings, you lock your money away you cannot access it during the period so you have to be aware of that"
The top one-year fixed rate right now is 1.35%,the money saving expert said, and 1.6% for a two-year fix.
Fixed rate savings accounts mean you lock in your cash for a certain period and you can't access your cash without losing all the interest.
The highest three-year fix is 1.82% and five-year fix is 2.05%, but if saving rates improve, it could mean you're locked in at rate that's less competitive later on.
Sharia accounts are also offering good rates, and you don't have to be Muslim to open one Martin said.
You can check out the best rates in rt guide, and all the accounts protect your cash up to £85,000.
Fixed-rate accounts are currently offering better rates than easy access accounts.
With an easy or instance access saving account, you can get the cash whenever you want, but the best rate right now is just 0.6%.
Plus the rate is variable and can go up or down at any time, though your bank will have to give you a heads up if this happens.
"You have to monitor the rate and move if it isn't good enough anymore," Martin added.
Current accounts can offer better rates than easy access accounts, but these are often on small amounts.
Martin also recommended checking your local building society for rates.
When considering moving your cash you should make sure you compare the pros and cons of different kinds of savings accounts so it suits your needs.
Websites such as and can help you compare different savings accounts.
Easy access savings accounts, notice savings accounts, regular savings accounts, individual savings accounts (ISAs) and fixed rate bonds are all options.
You can check out our guide to the different types of accounts out there and how to choose.
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