MSESavings Hub

With easy-access accounts, they pay interest on your savings while the money's in there, but you can withdraw whenever you want. Rates are variable, so monitor 'em and be ready to ditch and switch...

With fixed savings you lock your money away (without access) in exchange for a fixed interest rate. So only lock away cash that you definitely won't need access to.

A cash ISA (Individual Savings Account) acts just like normal savings accounts, except that ALL your interest in these is ALWAYS tax free. You can put up to £20,000 a year of new money in one, though most of the accounts below also accept transfers of previous years' ISA cash. Rates are variable, though, so do monitor 'em and be ready to ditch and switch...

Fixed-rate savings are designed to lock money away for a set period and offer rate security in return. Yet by law, fixed-rate cash ISA providers MUST allow you to access your money - though they can charge a penalty if you do. So these are good if you think you can lock cash away, but there's a chance you may need access...

- Interest: Currently 5% to 8%

- Min & Max Amount: £1/mth to £400/mth

- Access: Easy access, though there are often withdrawal/closure penalties

Analysis: Regular savings accounts offer higher rates than easy access or fixed accounts, but you can generally only save a little in to them each month (up to £250 is common, though a few allow more). Yet the top-payers are generally bank-linked (ie you must have a current account with the same provider to be able to open them).

- Interest: Currently 5% to 8%

- Min & Max Amount: £1/mth to £400/mth

- Access: Easy access, though there are often withdrawal/closure penalties

Analysis: Regular savings accounts offer higher rates than easy access or fixed accounts, but you can generally only save a little in to them each month (up to £250 is common, though a few allow more), and you usually can't withdraw it till the end of the term. They're a good way to save if you're putting something aside each month, or if you're savvy enough to dripfeed cash from other savings accounts.

- Interest: You could avoid interest rates of 4%+

- Min & Max Amount: £1, maximum depends how much you owe

- Access: None, unless you have a borrow back facility on overpayments

Analysis: In a nutshell, if the interest rate charged on your mortgage is higher than the interest you'd get from saving, it could make sense to overpay your mortgage. Yet, you'll need enough saved for emergencies and there are usually restrictions on overpaying or penalties if you overpay too much.

- Interest: You could avoid interest of 7%+

- Min & max amount you can overpay: £1+, the maximum depends how much you owe

- Access: None, once you've overpaid, you can't get that money back

Analysis: Student loans are very different to other forms of debt, and as such you should be very careful voluntarily overpaying them... for some it'd mean paying more back than you would have out of your salary. But if you're a high earner, voluntarily overpaying could save £100s or £1,000s in interest.

These accounts require you to give notice before you can withdraw your cash. They're good for people who know they'll need their money, so can't lock it away with no access, but also know they'll be able to wait to access the cash when they do need it.

A Lifetime ISA lets you save up to £4,000 every tax year towards a first home or your retirement, with the state adding a 25% bonus (max £1,000/year) on top of what you save. Lifetime ISAs are complex products, though so...

- Interest: You could avoid interest rates of 25%+

- Min & Max Amount: £1+, the amount depends how much you owe

- Access: Easy access, as you'll still be able to access an emergency fund

Analysis: £1,000 debt on a credit card at 25% costs £250 in interest over a year. Yet the same £1,000 in a savings account at 5% earns just £50. So pay off the debt with the savings and you're £200 a year better off. In financial terms, it's a no brainer, but it can feel quite a scary concept.

- Current interest rates: up to 4.4%

- Min & Max Amount: £100 to £85,000

- Access: Easy access or fixed term, it depends which sort of account you choose

Analysis: If you regularly move your money around - or you'd like to, but don't like the hassle of bank transfers - a 'savings marketplace' could be the answer. This is where you move your money to its platform once, then can move cash between banks on its platform with ease. We've teamed up with Raisin (and got it to lower its minimum deposit for new MSE users).

- Current Prize Fund Rate: 3.8% tax-free (July draw, due to drop to 3.6% for August)

- Min & Max Amount: £1 to £50,000 saved per person

- Likely interest: Use the Premium Bond Returns Predictor

- Access: Easy access, money can be withdrawn at anytime

Analysis: While the Prize Fund Rate is 3.8% someone with typical luck will always win less for everyone who earns big prizes, many have to win less, and the less you have in the further away from the Prize Fund Rate you are likely to be. So most people should prioritise higher rate savings and cash ISAs first. Where Premium Bonds come into their own are for those with larger amounts of savings, who’ve used up their ISA allowances and who’s interest would be taxed otherwise.

- Government bonus rate: 50%

- Min & Max Amount: £1 to £2,400 saved per person

- Access: Easy access, money can be withdrawn at anytime

- Who can open it?: People on Universal Credit or Tax Credits

Analysis: Help to Save is a government-backed account specially designed for low-paid workers on Universal or Tax Credits. You save between £1 and £50 a month, and after two years, you're paid a 50% bonus (up to £1,200). There's another bonus after four years if you keep saving. The 50% bonus is unbeatable in any standard savings account, so if you're eligible to open a Help to Save, and you've spare cash each month, it's a no-brainer.

- Interest rates: 2.95% to 4.05%, depending which account you choose

- Min & Max Amount: £1 to £2m+

- Access: Easy access or fixed term, depending on which account you choose

Analysis: NS&I is state-backed, so unlike normal accounts where your savings are protected up to £85,000 per institution, here every penny saved is backed by the state, so it's as safe as it gets. These accounts can be ideal if you've lots to save and don't want the faff of multiple accounts (most NS&I accounts have limits of £1 million+). Though NS&I rarely pays table-topping rates...

- Interest rates: 3.6% to 5%

- Min & Max Amount: £1 to £250,000

- Access: Easy access, money can be withdrawn at anytime

Analysis: these 'autosaving' apps use clever tech to 'read' your bank account, calculate how much you can save, then sweep that amount into a savings account, squirrelling away cash without you noticing – useful if you find it difficult to put money aside.

- Returns: depends how well your investments perform

- Min & Max Amount: £1, but there's no maximum

- Access: Often easy access, though depends what you invest in

Analysis: When you invest, you put your cash into the stock market with the aim of making a bigger profit than you would get with interest on a normal, risk-free savings account. Invest in the right company and you could make several times what you put in (though average returns of 5% to 10% a year are historically more accurate, at least for funds). Yet with higher reward comes higher risk - you're taking a gamble with your money as there's no guarantee you'll get it all (or even any of it) back if you invest in the 'wrong' company.