THERE are few good deals available to savers with some providers offering annual interest as low as 0 per cent. But shopping around can find a better deal.

Put any spare cash into a tax-free Individual Savings Account. Each adult can put up to £3,600 into a cash ISA each tax year, plus a further £3,600 into a stocks and shares ISA.

The best instant-access option is Birmingham Midshires' four per cent rate, or if you want to lock your money away at a guaranteed rate, Nationwide offers four per cent for two years with its Fixed Rate ISA Bond.

The Tesco Internet Saver is the current market-leading savings account, offering six per cent for the first year.

Spread your cash around different institutions but ensure each is regulated by the Financial Services Authority in the UK. The Government guarantees up to £50,000 per person per one account in UK-regulated banks and building societies.

More than 20 million people have invested in tax-free Premium Bonds, which offer savers the chance to win a share in a monthly prize draw instead of paying out interest. But the size of the pot of winnings is linked to the Bank of England's base rate and your chances of winning have dropped 36 per cent over the past year.

Riskier but potentially higher returns are available on equities. Shareholders in HSBC, for example, can gain 8.7 per cent yields, although, particularly in the current climate, dividends are not guaranteed.

For cautious savers who are willing to lock up cash for a year or more, fixed bonds offer higher returns than standard savings accounts. Yorkshire Building Society gives a return of 4.55 per cent if you sacrifice access for six months.

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