This week's best savings rates

Whether saving is one of your priorities for 2010, or your money is stuck in a low-paying account, it's vital to find an account where your nest egg can grow.

In this article, Moneywise reviews the best instant access, fixed rate, regular and children's savings account currently on the market.

Instant access

If you're looking for an account where you can access your money quickly, then a no-notice deal is a good idea. Just remember, the interest rate on these accounts is variable so it could decrease down the line. Also, watch out for sneaky terms and conditions - not all instant access accounts offer unlimited withdrawals, so shop carefully.

The AA offers an internet account paying 3% AER on deposits from £1, the rate includes a bonus of 2.5% for 12 months, and unlimited withdrawals are allowed.

Scottish Widows Bank offers an internet savings account paying 3.01% including a 1% bonus for the first 12 months. You can open this account with a deposit of £1, and withdrawals are allowed without notice or penalty.

Notice accounts

If you want to make withdrawals but are happy to give your bank or building society notice before you do, then you could get a better rate with a notice account.

Investec Bank pays 3.24% on its High 5 notice account, which requires a minimum balance of £25,000 and a three-month notice term.

Firstsave's 90-day notice account requires a  £100 deposit and pays 3.25% AER.

All the above rates are variable.

Fixed rate

Fixed-rate savings accounts are normally aimed at people with a lump sum that they wish to lock away for a pre-agreed period of time. Interest is fixed so your return is guaranteed.

However, bear in mind that withdrawals and further deposits are rarely allowed.

1. Long term (five-year terms plus)

Birmingham Midshires pays 5.1% over five years on deposits from just £1, as long as you opt for monthly interest.

AA Savings also pays 5.1% AER over five years, this time on deposits from £500.

Elsewhere, Halifax offers a five-year websaver bond paying 5% AER. You'll need to deposit £500 or more to qualify, and withdrawals are not allowed.

2. Medium term (three and four-year terms)

You don't have to fix for five years to get a rate of 5% plus, although generally speaking the shorter the term, the lower the interest rate you'll receive.

Birmingham Midshires pays 5% over four years (monthly or annual interest), or The Co-operative Bank pays 4.5% over three years - although you will have to deposit a minimum of £5,000.

ICICI Bank pays 4.7% AER on its three-year deal on £1,000 deposits or Nationwide pays 4.5% over three years on deposits from £1 (or 4.7% if you deposit more than £25,000).

Halifax pays 4.5% on its four-year websaver deal on deposits from £500 and 4.25% on its three-year deal.

3. Short term (one to two-year terms)

Halifax pays 4% over two years on deposits from £500.

Firstsave pays 3.65% for one year on deposits from £1,000, while ICICI pays 3.4% on deposits from £1,000 and The Co-Operative pays 3.25% AER.

Other one-year accounts include a deal Nationwide paying 2.75% on deposits from £1 (or 3% on deposits from £10,000).

Hinckley & Rugby Building Society pays 2.5% on deposits from £5,000 deal - or Halifax pays 2% AER for one year, or 1.5% over nine months, on deposits from £500.

Regular savings

The credit crunch has not only highlighted the importance of saving, it has also created a financial climate where saving products offer better value than in recent years.

Santander offers a fixed-rate of 6% AER on its monthly saver account, but only to customers who switch to its current account. You'll receive this rate for 13 months, but you must pay in between £20 and £250 each month.

Stroud & Swindon pays 4.5% variable on monthly deposits between £10 and £250, while Principality pays the same rate but allows monthly deposits of up to £500.

Barclays monthly saver, meanwhile, pays 4.25% AER on balances from £1. You need to pay in between £20 and £250 a month to qualify for this fixed rate, and withdrawals are not allowed. If you do, however, dip into your savings, the interest rate will drop to 3.03%.

Chilren's Savings Accounts

If you have decided to invest your Child Trust Fund (CTF) voucher into a cash savings account, then the Hanley Economic Building Society currently offers an account paying 5% AER which allows you to make additions from £1.

However, as this account can only be managed via a branch, you might be better off with Yorkshire Building Society's offering. This pays 3% AER, but includes a bonus of 0.7% for 12 months.

The above rates are variable and could change.

If you have already invested your voucher but want to open up a savings account for your child, then Halifax's one-year Regular Saver account pays 6% AER for one year on deposits from £10.