Make your money work for you and enjoy the finer things in life

For those looking to get the best return on their cash and investments, there are many opportunities available. The most important thing is to find the right arrangement for your circumstances and a plan that enables you to get the most from your money. This may mean you have to shop around in order to find the best savings rates on the market, but a little bit of research could mean a huge difference to the money in your account.

Some people who have money in a savings deal will pay little attention to the rate of interest they are actually getting on their cash, but a simple examination of the different types of deal on the market will show that there are a whole host of options and a large range of rates to choose from for the shrewd investor to maximise their money and enjoy the benefits.

Instant access savings accounts

One of the best savings accounts is an instant access type. On the whole this type of will offer a variable level of interest to customers in return for a flexible and secure place to keep their money. Flexibility and ease of access often comes at a price though; the interest rates offered will often be lower than other schemes as customers are free to make withdrawals when and where they wish. There is often no requirement for savers to make regular deposits with an instant access policy and often no minimum amount required. The main benefit of a plan such as this is that savers are able to use it as a place to keep their cash, yet can still get their hands on their money in the case of an emergency or even when making an impulse purchase.

ISAs

Although not necessarily offering the best savings rates in terms of the interest you will earn on your money (although rates are largely very good given the state of the economy), the main advantage of an Individual Savings Account is that fact that you do not pay tax on the interest you earn from your money. Many banks, building societies and other outlets that offer ISAs will keep interest rates low, but if you are intending to take full advantage of the maximum limits you are able to invest you could well gain more from the tax savings on your money than a higher interest rate offered by other accounts. There are two types of ISA available to savers; cash and investment. A cash option is similar to regular deposit agreement in the way that the interest rate is set. An investment ISA however is linked to the performance of shares on the stock market, so you could well see a higher return on your money if there is a surge in the markets. The government sets limits on exactly how much savers can invest each tax year, so it is worth taking the time to decide if an ISA would be the best option for your circumstances.

Notice savings accounts

Unlike instant access deals, a notice account usually offers savers a higher rate of interest in return for committing their money to the bank or building society for a longer period of time. You will often be required to give 30, 60 or 90 days notice if you wish to get your hands on your savings, which may not be ideal for some. Notice accounts are more suited to savers who wish to invest larger sums of money and receive a good return over a longer period of time. Make sure you shop around for the best interest rates as many banks and building societies will offer great savings rates for new customers.

Savings bonds

There are a large number of different bond schemes on the market for savers and investors and though they can differ greatly, the principle remains the same. Banks, building societies, the Post Office and National Savings and Investments all over various bond schemes from fixed rate bonds, which offer you a regular return for a commitment of anything from a year upwards, to guaranteed equity bonds and even premium bonds. Bonds may not suit all investors as interest rates can be low, but you know your money is safe and some schemes allow you to access your funds immediately.

As with most things in life, it is always worth spending the time to shop around in order to get the best deal and an arrangement to suit you. Carrying out a simple search on a price comparison website, for example, could see you keeping enough money to treat yourself to a short break in a fabulous seafront hotel. Letting your money work for you can not only afford you the peace of mind that your money is safe and secure, it could also mean you are able to sample the finer things in life.