Savings rates may have hit rock bottom but, with most people still seeing the value of putting cash away for the future, there are still risk-free ways of making your money work harder.

A survey from West Brom Building Society found that 72 per cent of respondents describe themselves as regular savers, while 69 per cent expect to set aside the same amount in the next 12 months as they did last year and 53 per cent said they would like to save more.

David Taylor, West Brom’s head of products, said: “Putting money aside figures strongly in people’s minds and they believe it’s important to build themselves a financial buffer.”

But with the Bank of England’s base lending rate at an all-time low of 0.25 per cent and inflation rising to 1.8 per cent last month, searching for worthwhile returns can seem like a thankless task.

According to the Money Charity, the average person saves 5.6 per cent of their income. Someone on the average wage putting this into a typical instant access account would earn just £1.78 interest in a year.

It is no wonder many people have given up looking for good deals. Price comparison site Comparethemarket said there could be as much as £1.2 billion lying abandoned in old current accounts.

More than a third of UK adults have multiple accounts, yet half say they use only one of them. That equates to around eight million ‘zombie’ accounts holding an average of £141 each.

Fifty-six per cent of those taking part in the survey admitted that they did not know if their banks had cut interest rates in the past year, and 58 per cent had no idea what – if anything – they were earning.

Many people are equally lax about their savings accounts. Financial website Moneyfacts said there are four closed variable rate options still containing people’s money for every active variable deal.

But some of those leaving their money to languish may be making more than they realise.

Charlotte Nelson, finance expert at Moneyfacts, said: “It is often assumed that these closed options pay poor returns to those still sitting in the accounts. However, this is far from the case. For example, the average variable account rate for live products stands at 0.39 per cent, which pales in comparison to the average 0.73 per cent for closed savings.”

Not everyone is doing so well, though. Ms Nelson added: “Currently, 29 per cent of the closed variable savings accounts pay 0.25 per cent or less. While this is a far smaller percentage than the 50 per cent for live accounts, savers sitting in these accounts that pay next to nothing will no doubt be better off if they shop around.”

Jody Coughlan, head of money at Comparethemarket, agreed. She said: “Whilst we are in a low interest rate environment, there are still some competitive offers on the market. It is worth regularly reviewing your accounts to see if you could get a better deal or interest rate elsewhere.”

There are no instant access accounts that match or beat inflation. The highest payer is RCI Bank’s online account returning 1.1 per cent a year. It has a minimum initial deposit of £100 and no withdrawal restrictions.

Those able to commit their money for a fixed period can do much better. Milestone Savings has a five-year online bond that operates under Islamic finance principles, meaning it pays profits rather than interest. The return is expected to be worth 2.3 per cent a year. A three-year bond is predicted to pay 1.8 per cent. Both require a minimum investment of £10,000.

For those with less cash to spare, Masthaven Bank has interest-bearing three and five-year bonds with a £500 minimum that pay 1.76 per cent and 2.06 per cent respectively. Masthaven also has bonds with terms ranging from 18 to 30 months, returning between 1.42 per cent and 1.67 per cent.

It is possible to make more by keeping your cash in a current account, although investment limits are relatively low and the benefits may be temporary.

Nationwide’s FlexDirect, which requires a minimum monthly deposit of £1,000 and two direct debits, pays 5 per cent on balances up to £2,500 for 12 months, later dropping to one per cent. TSB’s Classic Plus, which requires a £500 monthly deposit, pays three per cent up to £1,500.

For those with debts, it might be wiser to use savings to clear the balance faster. The average credit card interest rate is 22 per cent and many people with personal loans and overdrafts pay an equally heavy price.

But before increasing loan repayments, check that early settlement penalties will not outweigh the advantage of a lower interest bill.

Another option is to use savings to increase the speed at which you pay off your mortgage. The interest saved should comfortably outweigh the returns on low-risk accounts – but, again, check for penalties.

Mortgage holders who cannot afford to part with their cash permanently could still reduce their interest bill by switching to an offset loan, where savings are set against debt but remain accessible.

David Robinson, sales manager at Accord Mortgages, said: “Offsets have lots of advantages and can be extremely beneficial for borrowers with a good amount of savings.”