To ensure your money is working as hard as possible, here are seven questions you should ask when choosing a savings account. At the very least, you should pick a savings account with an interest rate above the current inflation figure of 3.8%. The closer your savings rate is to the rate of inflation, the less value your cash will lose over time. That's why you should ensure that your money is getting the best interest rate possible – even when savings account rates are comparatively low. The most popular product is the cash Isa, which works in much the same way as a traditional savings account.