Adult Savings accounts

Building your child a nest egg through regular savings and investments can make big expenses such as a school or university fees a car, a wedding or a house deposit achievable and a lot less painless.

While holding onto extra cash in your current account might be convenient, the extremely low interest rates - as little as 0.1% - paid by big banks means that your money will not be working hard. Basic deposit accounts may not promise the highest returns but they appeal to savers who like little or no risk. At the other end of the spectrum are schemes based on stock market performance.

Rainy-day cash in an instant access account could earn between 3.5% and 4.25% interest. Internet, post or telephone-only accounts cut out the cost of branches so they can they can usually provide competitive rates to surfing savers. But if you like the security of telephone back-up, find out whether this is offered and if you'll be charged for calls. Plus, make sure you know how to get your money out. Rates are around 4%. But many accounts offer higher introductory rates.

As their name suggests, notice accounts generally pay you higher interest rates on the basis that you give notice for any withdrawals. You'll have to wait between one and three months to get access to your money, although instant-access is usually possible, subject to an interest penalty - of between 30 to 100 days - on the money you withdraw. Interest rates are between 3.5% and 4.45%.

Tying up your cash for between one and five years or until a specified date can secure the certainty of a fixed return of up to 4.5%. Accounts can be opened with between £1 and £5,000, but it's important to remember that early access to capital in these accounts is not usually permitted without incurring a penalty.