What's the right account for you?

1. Instant access branch accounts:

Tend to pay low rates of interest, but offer maximum flexibility and access to your cash. Some accounts may require a minimum deposit. Good as emergency-only accounts.

2. No notice accounts:

Differ from instant access in that they tend to be postal or telephone-operated accounts. Access is "instant", but money may take a couple of days to arrive. Tend to offer better rates than instant access.

3. Notice accounts:

Generally pay higher rates of interest. You will have to give notice of withdrawal - typically 30, 60 or 90 days. A minimum investment of more than £100 is normally required. Suitable as a medium-term savings account.

4. Internet-only accounts:

All contact with the account is done on the net - you will be charged if you telephone. Most are instant access paying much higher interest rates than their branch equivalents owing to lower overheads. Suitable for low-risk medium-term investments and emergencies.

5. Monthly interest:

Suitable for savers who need a regular income and who have significant amounts to deposit.

6. Mini cash Isas:

Tax-free, plus they tend to offer a higher than average interest rate. You can invest up to £3,000 a year in cash, and the interest earned is entirely free from tax. Isas are wrappers which protect your savings from tax. No tax relief on money put in but the growth is free of income and capital gains tax. Good medium-term investment vehicle.

7. Tessa-only Isas:

Anyone holding a tax-exempt savings account (Tessa) that matures now can move all of the capital (but not the interest) in to a Tessa-only Isa. This must be done within six months of your Tessa maturing.

8. Guaranteed income bonds:

Are contracts that provide a fixed income or rate of capital growth for an agreed term. Normally last one to five years.

9. Fixed-rate bonds:

Bonds will pay more competitive rates than the average building society account. Money will be tied up for a specific period and no withdrawals can be made before the maturity date. Interest is often fixed and the minimum investment is generally £1,000.

10. Children's accounts:

Simple savings accounts designed by banks to encourage your child to invest his/her pocket money, gift money and any other cash received in an accounts. Higher than average interest rates. The minimum investment is normally £1. Don't forget to ask about the bonus gift, discount pack or other starter offers.