Investment ISAs put your capital at risk, and you may get back less than you originally invested.

If you have debts

Pay off your debt as soon as you can instead of saving up to make a large repayment.

This is because your debt will be charging you far more in daily interest compared to what you could earn in a savings account.

If you want to save without paying tax

If you are a basic rate taxpayer you can earn up to 1,000 in savings interest before you pay any tax. This figure drops to 500 for higher rate taxpayers.

You can also avoid tax on your savings by making the most of your ISA allowance. Like normal savings accounts, an ISA can come in various forms, such as:

If you need access to your money

You should choose an account that will not penalise or stop you if you need to withdraw your money on short notice.

If you can give notice before you need to withdraw, such as 60 days, then you could get a higher interest rate by saving in a notice savings account.

If you do not need access to your money

You can look at accounts that offer higher rates for tying your money up for a set term from a few months up to five or six years.

These accounts usually offer a higher interest rate compared to savings accounts that let you withdraw.

This guide explains how a fixed term bonds can help you grow your money over the long term.

If you want to save every month

A regular savings account could give you a good interest rate but you have to pay in a set amount each month.

These accounts do not usually let you make withdrawals and do not let you pay in large amounts of money at one time. If you forget to pay in one month you could also see your interest rate fall as a result.

If you want to save for your child's future

There are savings accounts designed to help you grow your money on behalf of your child, tax free.

There are even children's savings accounts that you can save into until your child's 18th birthday.

If you want to save for retirement

The longer you have until you retire the more you will be able to save, but whether you plan to retire next month or in 40 years there is still a savings account suitable for you.

You should make the most of a pension, whether you have one already or need to start paying into one.

If you increase the amount you pay into your pension each month then the income you receive when you retire will be increased. Read our guide on how pensions plans work.

If you have retired, look for accounts that pay you interest on a monthly basis if you want to increase your income each month.

If you want to buy a property

There are several savings accounts designed to help you save towards a deposit on a mortgage.

You can save into a government backed savings account called the Help to Buy ISA, which pays you a bonus once you have saved a set amount.

If you do not qualify for the Help to Buy ISA, you can still save into an instant access, notice or regular savings account.

Make sure that you find an account that pays you a good interest rate but also gives you the access to your money in case of emergencies.

If you want to save for a wedding

You should choose a flexible savings account that lets you pay in and withdraw without giving any notice.

You can have a savings account in both of your names, which could be the first joint account you hold before getting married.