The five juiciest savings accounts!

Here's the current cream of the crop when it comes to savings accounts.

Savers have found themselves in pretty stagnant waters recently. The Bank of England base rate has held firm at 0.5% for the past three months, and rates on what were once enticing savings accounts have continued to dwindle.

When we look beyond the base rate to inflation, it doesn't get much better. The Retail Prices Index (RPI), the UK's longest-standing measure of inflation, currently stands at -1.2%. That means prices are 1.2% lower than they were a year ago.

This also means that if your savings or pension is linked to the RPI, you could be losing out.

On the other hand, as prices are falling, it means the 'real returns' on your savings are going up, meaning that same pound in your pocket can buy more now than last year.

So my colleague Ed Bowsher thinks the recession is actually good news for savers - watch our recent Soapbox video to find out more.  

But I'm conscious that, with rates so low, it is even more vital than ever to put your money in a savings account that gives the best returns.

You could choose a fixed rate bond, as these are paying some of the best rates around at the moment. But that entails locking your money away for months, if not years. If you're not prepared to do this, you're better off with an easy access account.

Easy cash

As the name suggests, easy access accounts give you access to your cash when you need it the most. However, more often than not, they can also have a sting in the tail.

Let's take a closer look at the top six easy access savings accounts for those with £1,000 to save:

As you can see, Scarborough BS tops the tables with its Direct Access account. It pays 2.76%, and offers a guarantee that the rate will stay at least 1.26% above the Bank of England base rate (currently 0.5%), until the end of May 2010.

If you're looking to bag the account, the instructions to open one are not very clear on their website. However, I have been assured that all customers, both new and old, are welcome, and you should call 0845 458 4522 if you're interested.

Bear in mind that this account pays just 0.01% more than its closest rivals, the ING Direct and Akbank AK savings accounts. You can only operate the Scarborough account via the telephone, and (unlike the ING Direct account) the rate could drop below 2.22%. So if you're looking for more flexibility and security, it may be worth sacrificing that 0.01%.

Of the two, the ING Direct rate includes a 2.22% fixed bonus for one year, while Akbank AK savings account offers no introductory bonus. This means that, in theory, the rate on the Akbank account could fall dramatically in the first year.

For those of you who are unfamiliar with this relative newcomer to the savings market, Akbank is the European subsidiary of Parent company Akbank T.A.S., founded in 1948, and is now the largest commercial bank in Turkey.

In terms of the FSCS and compensation, the bank falls under the Dutch Investors' Compensation Scheme, and would cover up to €100,000 of your money (approx £77,000) if things went awry.

Escalating returns

These rates may seem good considering the base rate is at 0.5%, but there are better rates on offer. However, in order to bag them, you'll have to up your savings game.

Ulster Bank eSavings Plus account pays a rate of 3.26% on balances from £10,000, including a 0.5% bonus for six months from account opening.

However, interest will be lost in any month a withdrawal is made. What's more, if you need access to your cash during the first six months, only the 0.5% bonus rate (0.50%) will be paid during that month.

Be aware of the bonus

Bonuses have been a big feature of many savings accounts for some time, and have been used by several savings providers as a sneaky tactic to launch them into the best buy tables, only to fall back again when the bonus expires.

However, if you know how to play the game, bonuses can be a blessing in disguise, as at least you'll know you'll be getting a minimum level of return for your cash during the bonus period.

In this way they almost act like a fixed rate bond, with the added benefit of being able to access your cash whenever you like.

However, this only applies to accounts with a fixed bonus. Variable bonuses can change at anytime, and don't give very much security at all.

So, while ING has a fixed bonus, the Egg and Abbey accounts don't, meaning in theory they could slash the bonus considerably within the promotional period.

Finally, remember that bonuses or not, there are no loyalties in the savings world. Once you've bagged that bonus or special deal, drop any lousy savings rates you're getting, and switch to a better deal.

More: Dodge these three savings pitfalls! | Savers are benefiting from the recession