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.

Yet, currently, easy-access cash ISAs pay up to 4.42% - so jump down to check whether they'd suit better...

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...

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.

There are two main types of regular saver - bank-linked accounts, and those open to all. The bank-linked regular savers require you to have a current account with that bank to get the regular saver, and these are usually the ones that pay the top rates. First Direct, Santander, Nationwide, NatWest and TSB are big names in this space. Open-to-all regular savers do as their name suggests. But they usually pay lower rates and / or have lower maximum pay-ins per month.

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. Yet make sure it's money you won't need in the future, as you'll usually not be able to get it back from the mortgage company.

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. Do read our guide very carefully before paying anything off.

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...

Analysis: If you’ve a few savings accounts, it can be a pain in the bum when a rate drops, as you need to go through all the paperwork of opening a new best-buy and the stress of transferring your cash.

Savings platforms are built to help with this; you join them, then can open accounts at multiple banks with just a click, and easily move money from one provider to another within the platform. The rates are usually only a fraction short of the very best buys (if they do have best-buys, we include them in the relevant section of the Hub, within "Top rates").

And as the money sits with the bank, not the platform, you still get the normal £120,000 savings safety protection too.

Raisin is one of the biggest platforms, and we’ve negotiated that via MSE you can open easy-access accounts with just £100 (not its usual £1,000+) to make it more accessible. We’re also looking to arrange exclusive deals in the future. But there are other platforms.

Analysis: £1,000 debt on a credit card at 25% costs £250 in interest over a year. The same amount on an overdraft could cost you £400 in interest over a year.

Yet £1,000 in a savings account at 5% earns just £50. So pay off the debt with the savings and you're at least £200 a year better off. In financial terms, it's a no brainer, but it can feel quite a scary concept.

Analysis: While the Prize Fund Rate is 3.6%, someone with typical luck will always win less! This is because for everyone who earns big prizes, the rest have to win less (or nothing) to fund those prizes.

Plus, the less you have in, the further away from the Prize Fund Rate you are likely to be (see your potential winnings with the Premium Bond Returns Predictor).

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.

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.

Analysis: NS&I is government-backed, so unlike normal accounts where your savings are protected up to £120,000 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...

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.

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.