How best to invest your cash in the UK is always a tricky problem, especially if you don’t have specialist knowledge.

Here are a few pointers that may help :

* Check out the internet-only accounts, which often pay the highest rates.
* You can put £3000 ($5640) in a cash Isa account every tax year. Interest, which is currently over 5pc, is tax-free.
* Some accounts offer guarantees — e.g. Investec’s Hi 5.
* National Saving’s index-linked certificates are definitely worth considering if you pay higher-rate tax.
* Spread money over several accounts. If you opt for a one-year account for some of your savings, you could earn 5.5pc or even more.
* You should be able to earn at least 5pc at today’s rates. Don’t settle for less. Monthly-paying accounts pay around 4.75pc.
* Less fashionable banks sometimes pay more. You can check if an institution is registered here: fsa.gov.uk/consumer.

Finally, be aware of rate changes and read the financial press.