The top five tax-free savings accounts!

Boost the return on your savings with these five fantastic tax-free savings accounts.

We all know savings rates leave a lot to be desired right now. But you can make the best of it by boosting your return with a tax-free account.

Here are five great ways you can do just that. First up is the ever popular cash ISA:

1. Easy access cash ISAs

Cash ISAs are an easy way to enjoy a tax-free rate. You can save up to £3,600 - or £5,100 if you're over fifty - before the end of the tax year deadline on 5 April. (The new higher allowance of £5,100 will be available to everyone from 6 April.)

One of the best easy access cash ISAs is a new launch from First Direct. The First Direct Cash e-ISA pays a rate of 2.75% which is fixed until 31 August 2011. After this date, your return will revert to the standard variable rate which is currently just 0.20%, so you'll need to transfer your ISA somewhere new at that time to keep on earning a competitive rate.

First Direct will also accept transfers if you have money in old ISAs which are now paying uncompetitive rates. (But note that ISAs already held with First Direct can't be transferred into the new Cash e-ISA.)

Finally, being an easy access ISA you will, of course, have the option of penalty-free withdrawals. But always remember any money you take out of your ISA can't be replaced if you have used up your allowance.

Meanwhile a similar deal is available with the Santander Direct ISA (Issue 6) which is great for ISA transfers. If you have a balance of £9,000 or more, you'll earn the same rate of 2.75%, but this time it's variable.

2. Fixed rate cash ISAs

If you fancy putting money in an ISA and forgetting about it, a fixed rate cash ISA could be a good choice for you. You can earn much higher tax-free rates, but you'll need to sacrifice easy access.

If that's not a problem for you, Leeds Building Society is offering a 5 Year Fixed Rate ISA with a rate of 4.6% which matures on 28 February 2015. You can invest up to a maximum £43,600 by transferring in old ISA money.

But five years can be a long time to lock away your money, so Leeds Building Society has come up with a solution by allowing you to withdraw up to 25% of your original capital without triggering a penalty. Further withdrawals are subject to 180 day's loss of interest. But again, don't forget that any money you withdraw from an ISA cannot be replaced if you have used up your allowance.

You'll need to decide whether you think a tax-free return of 4.6% for the next five years is generous enough given that interest rates are likely to rise across the board once the financial crisis is behind us.

If you decide five years is too much of a risk for you, you can get a decent one year fixed ISA from Bank of Cyprus UK which pays a tax-free rate of 3.33%.

3. NS&I Index-linked savings certificates

If you want an account which guarantees to beat inflation and provides a 100% safe, tax-free return, look no further than index-linked savings certificates from National Savings and Investments (NS&I). Here you can invest between £100 and £15,000 over a three or five year term.

These accounts provide a return which is linked to the RPI (retail prices index) plus a fixed rate of 1%. The RPI is currently 2.4% so that means you would have earned 3.4% tax-free over the last year.

For a basic rate taxpayer to earn an equivalent return from an ordinary savings account, they would need to earn a gross rate of 4.25%. Meanwhile a higher rate taxpayer would need to earn 5.67%.

On top of all that you'll get 100% security for your money by choosing NS&I, which is backed by HM Treasury. So you can invest more than the usual limit of £50,000 and still be guaranteed your money will be safe.

4. SIPPs

Pensions are another great way to take advantage of tax breaks. You'll effectively get the tax back which you have already paid on your pension contributions. If you're a basic rate taxpayer, you'll enjoy a 20% boost to the money you put in your pension with tax relief. This means for £100 to be invested in your pension fund, you only need to pay £80 out of your own pocket. If you're higher rate taxpayer you'll get 40% tax relief.

These days I'm a big fan of online low cost self invested personal pensions or SIPPs, which give you far more investment freedom and flexibility than traditional personal pensions, and often have cheaper charges. To find out  more about my favourite schemes, take a look at Five top low cost SIPPs.

5. Cash child trust funds

Finally, if you have kids don't forget about Child Trust Funds. Every child born on or after 1 September 2002 is entitled to a £250 voucher free from the government (children from lower income families are entitled to £500), with a top-up of the same amount on their 7th birthday.

Once the fund is open, you can save up to £100 a month or £1,200 a year and all returns are completely tax-free. It's a great way of building up a nest egg for your kids when they reach 18.

• Join our Save for your child's future goal

Yorkshire Building Society is offering the best rate at the moment at 3% tax-free including a 0.70% bonus for a year. However, if you live near Hanley in Staffordshire, a child trust fund from The Hanley Economic Building Society is paying 5%. Unfortunately you need to live nearby as it can only be opened and managed at a local Hanley branch.

Don't forget the voucher and your contributions can be invested in a stocks and shares child trust fund if you don't want to hold cash.

If you have a specific question about tax-free savings, get some help from our fantastic lovemoney.com community using Q&A.

More: Protect your savings from the inflation threat | Make a fortune with your ISA!