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There are a whole host of reasons different people want to save money. Perhaps you want to buy a property, need a new car, fancy a tropical getaway or are simply saving for future security. Whatever the reason for stashing your pounds you will want to ensure you are getting the best interest rate for your investment and to guarantee this, a bout of research and spot of contemplation will be required.

A good starting point when working out which type of savings account is best for you is considering the aspect of time; do you want to use your savings a year down the line or do you want to save your cash for at least three years or more. Perhaps you prefer to have access to your money at all times. Thinking about these factors will help to determine which savings account is best for you.

If you want instant access to your savings, you will probably find the interest rate won’t be quite as high as it would be for an account where you collect your money at the end of the fixed term. Don’t let this put you off as there are many highly competitive interest rates available, even on accounts where you can access your savings whenever you feel like it. Instant access is also useful if you don’t know what your circumstances will be in the near future or you just want the security of knowing you can access your savings if you needed to, for whatever reason.

You will generally be able to choose an instant access account that comes in the form of a traditional savings account, an online only account or a cash ISA. Cash ISA’s are attractive as they offer tax free interest whilst there are also ISA’s available with instant access.

If instant access isn’t an issue and you are saving for something in the near future, going to University, buying a car or going on holidays, perhaps a fixed term account would be best. Banks generally offer fixed terms ranging from six months to three years and you have access to your money when the fixed term draws to a close. Depending on your situation, you will know what term suits your needs best and the benefit of this type of savings account is that most providers will offer you a guaranteed return, every month or once a year. You’ll know exactly how much you’ll get back and when you’ll get it so you can plan for the future accordingly.

Whatever you are looking for in a savings account - instant access, an account you can manage online, a tax-free ISA, or a rate fixed for the duration of your savings plan, the extensive range of accounts available are guaranteed to help you save towards your goals and aspirations.