If you have money saved up, then it can be difficult to know where to put it to get the best return. This is especially difficult at the moment when base rates are low and so interest is difficult to come by.

You will need to make a selection of decisions to help you find the best place to put it. You need to consider whether you are happy to tie the money up for a while or whether you think that you will need it. You will need to decide if you want to risk losing it or whether you want a safe place to put it. The amount that you have will also influence where you can save and also whether you want to pay in regularly or have a lump sum.

You also need to consider tax. There are some accounts where you do not have to pay tax and so the return you get is higher. Make sure that you compare these to the net rates on other accounts.

If you tie the money up for a while, you will get a better rate of interest. If it is a fixed rate, you are risking the base rate going up and the money not being worth as much by the end of the term. A variable rate should change more with the base rate but you could end up worse off if the base rate goes down or does not change. You may prefer a notice account where you can draw out the money, but not immediately.

An investment could be more risky. You may lose all of the money if you are not careful. A savings account keeps money safer, although if the interest rate is not very good, the money could not increase in value as much as the RPI so it will be worth less even though you end up with more.

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