Saving for a rainy day? How about investing in some summer sun?

When it comes to deciding on the best options for your savings, there are a multitude of opportunities available. Every day we see banks and building societies encouraging us to invest our hard-earned money, so it is well worth looking into the best policy for your needs. What you do with the money you save is entirely up to you, but with a little research and some good planning, the cash you invest now might just end up paying for that dream trip you have been planning for years.

You might consider a notice savings deal. Though this form of scheme usually requires a period of notice to be given in order to access your money, you will normally be offered a better rate of interest than other accounts. Make sure you are taking advantage of any promotions that banks and building societies offer to entice new customers.

One of the more obvious forms of account available to savers is a regular savings deal. This will often provide a limited return in terms of interest gained over a year. Most deals restrict access to the saver's money and may not let you pay in extra funds should you find yourself in a position to invest extra cash. Though the interest rates offered can be quite attractive, it is worth remembering that interest is only paid on the amount in the account at any one time and is not an annual rate.

Another option is savings bonds, which provide an attractive alternative to the more orthodox plans on the market. These come in a variety of forms and will allow you to save as much or as little as you want; depending on the type you opt for, they will often allow you instant access to your money or the option to tie it up in a longer term investment. Though bonds are often accused of not offering the best returns in terms of interest rates, their security and stability make them a popular option for investors. Another advantage of savings bonds is that you can often decide on the duration of your agreement, so if you are looking to save over a five-year period in order to pay for the trip of your dreams, this could be the best plan for you.

For long-term savers an ISA can offer some of the best savings rates on the market. Most people who have savings in a bank or building society will pay income tax on any interest earned over the year. Cash ISAs are available in England, Scotland, Wales and Northern Ireland and allow you to save up to £5,340 in one tax year - you will not pay tax on interest accrued. A personal financial adviser or your bank will be able to help you find the best ISAs available.

If you decide that you're in a position to invest in a savings deal then your bank manager or a personal financial assistant will be able to help you compare savings accounts. Alternatively, you could visit a well-known and reputable price comparison website, which will allow you to find the best rates on offer. If you feel that you can put a little money to one side each month then now is probably the best time to take advantage of some decent offers from high street banks.

Instead of saving for a rainy day, how about saving for a little summer sunshine and the trip of a lifetime?