Get your hands on these fantastic best buys!

Need to revamp your finances? Well there's no time like the present - start assessing them now and make your money work harder with these best buys

The summer is here, the kids are breaking up from school and everyone's busy. And while you're thinking about buying all of those new shoes, pencil cases and folders for the kids' fresh start next term, maybe it's time to get organised with your finances, too?

When was the last time you assessed how much your savings were earning? Or what your current account offers? Or how your credit card compares to the best buys? You may find those former best buys are now far from it - and if so it's time to sort them out!

Credit cards

Used wisely, a credit card can help you spread costs, it offers flexibility and can provide protection for your purchases. Use it unwisely and you can end up drowning in expensive debt, and by failing to make regular payments you could even end up with black marks against your credit rating.

If you have a balance that's accruing interest, there is a way to stop it dead - at least until well into next year. Transferring your balance to a 0% credit card for balance transfers can give you some breathing space in which to pay off that debt, without it getting any worse.

Best buys of the moment include the Virgin credit card, offering a whopping 16 months at 0% for balance transfers (subject to a 2.98% fee). Divide the amount you owe by 16, stash this away in a savings account each month and pay off the whole balance in 16 month's time. Although, you must make sure you pay the minimum monthly repayment to Virgin as well. Just remember to cut up the card when you receive it (and have transferred that balance) - you don't want be tempted to add even more to your debt.

Other best buys include the Nationwide BS Gold credit card, offering 0% for 13 months (3% fee), and the Barclaycard Platinum with BT credit card, offering 0% for 12 months (2.5% fee).

And if you are one of the sensible ones and you always clear that balance each month, then you need to make sure you're being rewarded for your care. The market leading Amex Platinum cashback card will give up to 5% cashback on spending within the first three months (and 1.5% thereafter).

Alternatively, the Halifax One card and Bank of Scotland's All in One MasterCard offer a rate of 0% for 9 months. Stash the money you spend on the card in a savings account, pay off the card with the cash when the 0% deal expires and you'll have a few quid for your trouble, too.

Current account

Now, tell the truth - do you still have the same current account that you had when at college/your first job? For many of us the answer is yes, which fosters a lovely sense of loyalty and longevity.

But do you know what I think? Loyalty sucks. Most banks (as we've seen) never reciprocate, they punish us for any minor misdemeanour and half of the current accounts on the market happily take our salaries each month and don't even offer the courtesy of paying interest on it. And those that do pay a pittance.

So, unless you're in the process of buying a property or something similar, where it's simply easier to stay with the same provider for the time being, I'd see what your bank is offering, and see if you can beat it elsewhere. If you bank with the big four this probably won't be hard.

Best buys of the moment include the Alliance & Leicester Premier Direct account, paying a whopping 6% AER on balances up to £2,500. It also offers a 0% overdraft for 12 months (max £2K). You must be over 21 and you'll need to pay in at least £500 per month to qualify.

Alternatively, Abbey's current account also pays 6% AER, with a 0% overdraft for 4 months. In this case you'll need to pay in £1K per month to qualify.

All of the banks should offer an easy switching service, but keep some cash in each account for a month or so, in case of stray direct debits. And this time next year you could have some interest to show for all your hard earned dosh.

Savings

Once you've got your current account organised you can really get to work. Write a budget and try and save a little something each month - however small. Even saving just £20 per month into a decent savings account will make you feel you've achieved something. Plus it will give you a taste for the savings habit - and things can only go up from there!

Best buy instant access savings accounts of the moment include the Alliance & Leicester Online Saver (issue 5), or the Birmingham Midshires Telephone Extra accounts, both of which pay a market leading 3.15% AER. Note that both accounts include a 2.65% bonus.

Save for different things

And when you really getting into this savings malarkey you might like to open a number of accounts to save for different things such as holiday, garage bills, credit card repayments and so on.

Banks that let you do this include ING direct (paying 3% AER) and Sainsbury's Bank (Internet offer) (paying 2.8% AER). However, it's worth noting that you must open a Sainsbury's account with £1K, and you can only make 3 withdrawals per year your rate will drop to 0.75%.

Transfer Cash ISAs

And finally, in your financial annihilation don't forget to consider any existing cash ISAs. If your rate has dwindled it could be time to move that cash to an account with a better rate. The critical thing is to make sure that 1) The account allows transfers-in, and 2) You transfer your existing ISA over (don't close the account).

The one to go for depends on how long you're happy to tie your money up for.

Principality BS has a 3 year Direct fixed rate ISA, paying 4.2% AER. It must be operated by post and allows a maximum balance of £43,200. And, as you've probably twigged, to earn the rate you can't touch that cash for 3 years.

Slightly more flexible is the Leeds BS 5 year fixed rate ISA, paying 4.05%. Although you tie your money up for longer, you are allowed to withdraw up to 25%, without notice or loss of interest.

However, if this all seems a little too long-term for you, Intelligent finance is offering an instant access cash ISA that can be operated by phone/internet that pays 2.75% AER, and allows transfers in. Not a mind blowing rate, but it does give you access to your cash whenever you want it with no charges.

So go on, allocate a bit of time, go through your finances and make sure your credit card and bank accounts are offering the most they can.

More: Six golden rules for credit card spenders | 10 ways to save without realising