Trying to maximise your savings returns can be tough. With interest rates having been held at a record low rate for over two years, it has been a difficult time for savers. And, with inflation rising to over 4 per cent, finding an account to keep pace with increases in the cost of living has been all but impossible.

So, if you’re looking to get the best return on your savings, here are four of the best types of savings accounts you should consider:

Individual Savings Accounts (ISAs)

Individual Savings Accounts, or ISAs, allow you to save a certain amount each year without paying any tax on your interest. In the tax year 2011-12 you can save up to £5,340 in a cash ISA and you will receive all your interest, as none will go to the taxman.

ISAs pay interest gross, so they can often be some of the best high interest savings accounts. Basic rate taxpayers receive 20 per cent more interest simply due to the fact that no tax is deducted – higher or additional rate taxpayers can benefit even more.

ISAs come in all shapes and sizes. Many cash ISAs offer instant access to your cash with a minimum investment of £1 while others offer fixed rates of interest if you maximise your ISA allowance with one lump sum.

Online savings accounts

It costs banks and building societies millions of pounds each year to maintain a High Street branch network. Paying overheads, such as rent for premises, heating, staff, lighting and security, costs financial institutions a huge sum.

So, as online accounts have lower overheads to manage it means that the interest rates can often be better. Many of the best savings accounts are ‘online only’ accounts, meaning that you link your savings to your bank account and make deposits and withdrawals by bank transfer through the savings account provider’s website.

Savings Bonds

If you are prepared to commit your savings for a period of between one and five years, a savings bond may offer a better rate of interest than easy access accounts.

Bonds typically offer a fixed rate of interest, although you will often find that you are penalised if you withdraw your money before the maturity of the bond.  However, as you’re committing your savings you will find that bonds are among the best high interest savings accounts.

Bear in mind that if you fix your interest rate at the outset, you won’t benefit from any rises in interest rates during the term of the bond.

Notice accounts

Notice accounts have been available for decades but still remain some of the top savings accounts.  A notice account allows access to your money, but you have to provide a notice period – this can range from a week up to around 90 days – to make a withdrawal.

Accounts with a notice period can often be managed through a branch, by post or online and offer the chance to benefit from a good rate of interest while retaining some access to your money.