A cash Isa is one of the most effective ways to save money, as it allows you to accrue tax-free interest on the sums you deposit. However, to make sure you get the most from it, you need to use it wisely.

Fortunately, following a few simple tips will allow you to do so. Here are some of the most effective.

Look beyond your current bank

Even if you are perfectly happy with the service your current bank provides, it is worth comparing as many cash Isas as possible before settling on the one for you. Rates change frequently, which means the most competitive account with the most attractive savings rate is in near-constant flux.

Bear in mind that online accounts can often offer better returns, because there are fewer costs for the banks running them. So, be sure to include these in your research.

Check for introductory rates

When comparing accounts, remember to check whether each one has an introductory rate. This is where you are offered a more attractive rate for a short period only, which is then typically replaced with a less competitive one. When looking at these, you need to consider whether it will benefit you to have this enhanced rate for a short period, or whether any advantages will be offset by the subsequent drop.

However, if you are tempted by the introductory offer but aren’t happy with the standard rate, you can circumvent this by switching accounts once the introductory period comes to a close – provided you are not locked in for a fixed period.

Consider a fixed rate cash Isa

If you are able to put your money away for a set period of time, a fixed rate Isa can be a good choice. While you will not be able to access the money you place in the account for the duration of the fixed period, in return you will typically benefit from more attractive rates.

Pay as much as you can early in the year

Once you have picked an account, there is still more you can do to ensure it works hard for you. The best thing to do is to pay in as much as you can at the beginning of the tax year – this way, you can benefit from as much tax-free interest as possible. The maximum amount you can put in your cash Isa each year varies; until April 2016, this will be £15,240.

Set up a standing order

Of course, it is not always possible to pay in the full amount at the start of the year. Indeed, many people choose to pay into their Isa monthly instead. To make this as easy as possible, it is best to set up a standing order; this way, you can be certain a dedicated amount is going into your Isa each month and you won’t be tempted to dip into it.

Monitor rates and don’t be afraid to switch

Once you have your Isa – or indeed if you already have one – it is important to keep an eye on interest rates to make sure you are still getting a competitive deal. If you notice that other accounts are beginning to offer better rates and that you could be accruing more interest, don’t be afraid to switch your account – making the effort to do so can have a very positive effect on your savings pot over time.