Holidays, new cars and the occasional luxury: we all like to treat ourselves now and then and one way to ensure we can afford the finer things in life is to put money aside in the form of savings.

While previous generations may have stashed their spare cash under the mattress, we now have a wide choice of financial products and savings accounts to choose from to ensure our money grows, whether it is saving for a rainy day or a child’s future education.

Building society and bank saving accounts will typically offer more interest than a traditional current account and come in a variety of forms. Depending on when you want access to your money and how much you want to put away, there are easy access accounts, notice accounts, bond or term accounts, and those for regular savers. An independent financial adviser (IFA) can help pick the best of the bunch for your circumstances.

The Government also allows us to save a certain amount each year tax-free in the form of individual savings accounts (ISAs). There are two main types of ISA: mini cash ISAs and maxi stocks and shares ISAs. Currently the limit for total ISA investment is Ј7,000 per person, but the limit is under review by and may be lowered within the next two years.

National Savings & Investment, which is backed by the Treasury, is also popular with savers, offering the chance to gain tax-free winnings up to Ј1m with premium bonds or to grow your money in other investment products without the risk of losing your capital.

To search My Local Adviser for savings and ISA advisers click here.