For all your lucky individuals who have managed to pay off all their debts and are debt free, then it might be worth placing some of your income into a savings account. There are many savings accounts now available that can suit different people’s circumstances. Some individuals want access to their money and other don’t mind tying it up for a fixed period of time to get a better interest rate and return on their investment.

An ISA is a good way to save money and is also tax efficient, you’re allowed up to £3,600 per year without any tax being taken off. When you have used this allowance you can look at other accounts.

High interest savings accounts are where you place a certain amount of money and invest it for a few years. You can get easy access accounts or some accounts require notice if you want to make a withdrawal. So if you need money for emergencies then an instant access account is what you need.

You can invest larger sums of money in many online accounts and they pay an interest rate of around 5%. You can add money on a monthly basis or lump sum, it’s up to you. Regular savings accounts are the ones where you can add money every month, up to a certain amount.

You could also invest in bonds or more complicated types of investment that may get you a greater rate of return. It all depends on how much money you have to invest and the risk you want to take on it. The higher the risk, the higher potential growth you can make on your money.