Some of the top savings accounts may look like best buys, but scratch below the surface and you'll see they're not everything they're cracked up to be.
I would love to be able to say our banks and building societies play fair when it comes to savers. But we all know that's far from the truth. It's a sad fact we're often lured in with tempting headline rates, only to find nasty catches lie in wait.
But there's a simple solution: don't be sidetracked by a market-leading return. Instead, read all the terms and conditions for the savings account in question first. That way, when you decide to apply, you'll know exactly what you're signing up to.
Now I know wading through the small print can be a little tedious, so I'm going to look at three current best buys which may catch your eye, but come with a sting in the tail.
Here goes...
1) Bradford & Bingley Notice Saver Online
First up is the new Notice Online Saver from B&B. This account pays a top rate of 3.30%, firmly establishing it as one of the market-leaders. (The rate includes a bonus of 2.80% variable for a year.) If you've been trying to make the best of what is generally a pretty poor savings market, I can see this account would probably appeal to you.
But what's the hitch? Well, the clue is in the name: to get your money out, you'll need to give a whopping 60 days' notice, or else lose 60 days' interest on the amount you withdraw.
Compare that to the top easy access account - Citibank Flexible Saver Issue 6 - which allows you to take money out without notice or penalties, and pays exactly the same rate, and you'll see what the problem is.
To be fair to Bradford & Bingley, this account isn't all bad. For one thing, it's available to both new and existing customers alike, which is pretty unusual these days. Most of the best buys automatically bar their existing savers, proving that loyalty really doesn't pay.
I think they deserve a brownie point for that at least. But, overall, why choose a notice account, when you can get instant access at the same rate?
2) Lloyds Incentive Saver
This account pays a competitive rate of 3.04% and you can have instant access to your cash whenever you need it.
Sounds great, so what's the problem?
Once again there's a hint in the name. The 'incentive' is not to touch your account, or as Lloyds put it, "get rewarded for leaving your money alone".
This means you'll only earn the headline rate if you don't make any withdrawals. For any month when you do have to take money out, you'll get an amazing rate of 0%. Unbelievably, this account is marketed as instant access. To my mind that means you can access your money whenever you like, without notice or penalties. So I don't see this account as a true instant access account.
Even if you have every intention of being a savvy saver and leaving your cash to build up over the long-term, who knows when an emergency might strike which leaves you with no choice but to dip into your account?
Again, why settle for 3.04% with strings attached when you can get a better rate with no restrictions elsewhere?
3) HSBC High Interest Deposit Bond
The third best buy I want to look at is a new fixed rate bond from HSBC. At first glance, it looks fantastic because it pays a fixed return of 5% for a year. This beats its nearest rival by miles as the next best one-year bond, from Chelsea Building Society, only pays a rate of 3.8%.
How could you possibly resist such a great account? Well, there's one very big catch. To get that great fixed rate, you also need to put an equivalent amount into the HSBC investment product, World Selection.
World Selection is a series of investment portfolios which offer exposure to shares, bonds, commodities and property in different markets around the world. So, you can see this is a much more complicated product than a simple savings account.
I'm really not at all keen on accounts which combine easy to understand savings with much higher risk investments, and the HSBC bond well and truly falls into this category. Of course, if you're an experienced investor and you want a high interest cash cushion as well, this bond might be suitable for you. But it requires a £20,000 minimum opening deposit, which is a huge barrier to your average small saver.
The real best buys
So now you know what to look out for. Remember these three accounts aren't the only savings baddies. You should always give an account a full appraisal before you apply so you know what you're getting yourself into.
Or let us do it for you!
With this in mind I have two top picks which I consider to be the real best buy savings accounts. The first - as I have already mentioned - is the Citibank Flexible Saver Issue 6 with a top rate of 3.30%.
But I also like the ING Direct Savings Account. This account offers a slightly lower rate of 3.20%, but the good news is it's fixed for a full 12 months. What's more, you'll get proper penalty-free access.
I will just point out, on the downside, both accounts are only open to new customers. I guess nothing is perfect.
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More: My top five instant access savings accounts | How to earn 5%+ on your savings