With inflation typically around 3% per year, a low interest rate means depreciation in the value of your savings with the passing of time. The following information will get you started on finding best savings accounts with good rates.

The internet is one the best places to begin searching for savings accounts. At fivecentnickel.com there is an online rate finding tool. Simply type in the amount you would like to invest, the type of account you want, and you will receive a listing of several different savings accounts with their interest rates.

At money.co.uk, there is a similar tool (http://www.money.co.uk/savings-accounts.htm) that will give you information on various investment vehicles including various ISAs, bonds, and several types of cash savings accounts.

Interest rates are unfortunately low due to the current economic climate. Rates above 1.50% are decent, but getting above 3% is rare without looking into stocks or bonds. Individual Savings Accounts (ISAs), which combine stocks and bonds, will commonly have interest rates ranging from 2% to 6%; however there is more risk involved than in traditional cash savings.

Another good investment vehicle is a fixed-term bond account. These accounts have rates between what you would find for a bank savings account and an ISA, ranging from about three to four percent.

The most important consideration in choosing between these types of accounts is the length of time you plan to invest over, and how much access you need to your savings. Choose ISAs or bonds for longer periods of time, cash savings accounts for short-term savings goals.

If you have been looking for best savings rates I suggest you go for a fixed rate bond. It is great when it comes to best and top interest rate but it has one down side that is your funds are no more in your control and are tied for a fixed period. You can use those fund until that bond matures.

You need some homework and discipline and make sure that you have funds for your emergency cash needs, and invest only the funds which are spare and you can leave them in fixed bond account without any need to withdraw those funds.

So you get benefit of best savings rates but you also get disadvantage of forgoing your right to use those monies for a fixed period say year or more.