Published: 13/10/2009

Savings interest rates have changed dramatically since this time last year, so if you haven't checked the rate you're currently receiving on your money, do it now, as you may be in for a nasty shock.

Take five minutes this week to find out the rate that your bank or building society is currently paying you and then take a look at the savings rates on Moneynet to make sure you're not being taken for a ride.

If you've never really saved seriously before and always thought about putting some money away but never got round to it, why not do something about it now?

There are a wide range of products to choose from, but the general rule of thumb is that the easier it is for you to access your savings, the lower the interest rate will be.

For example if you're starting your savings with a Nationwide e-Savings Plus account, you can open your account with as little as £1 and as long as you don't make any more than 3 withdrawals per year you'll get 2% AER interest on your money. These accounts can be opened online and you can give each account a name, so they are really useful for putting money aside for those annual expenses such as the car MOT, the holiday fund or for your Christmas expenses.

If you've got a bigger savings nest egg, then as long as you've got at least £2,000 that you don't need access to, you can earn monthly interest at a rate of between 3.20% (1 year) and 5.10% (5 years) with a Term Deposit account from Yorkshire Bank. The monthly income option is certainly popular with people who are looking for their savings interest to supplement their fixed income particularly those on a pension.

For people with a bigger savings pot at their disposal, The High 5 Account from Investec, is currently paying 3.35% AER and allows you to make withdrawals subject to three months notice. You'll need a minimum of £25,000 to open the account, but it guarantees to pay the average of the top five savings accounts on the market, so saves you shopping around.

If you haven't saved anything before, then it's worth looking at a regular savings account to start you on your way.

These accounts usually pay a decent rate of interest, but come with some fairly strict terms and conditions. However if you're looking for some discipline to help you save regularly, then regular saver accounts are just the job. You can currently earn 5% AER from Halifax Regular Saver. Just beware that you can only pay in between £25 and £500 each month and if you miss a monthly credit or you make a withdrawal, the account will be closed.

As an example, if you manage to put away £500 per month for the 12 month term, you would end up with a healthy nest egg of £6,000 plus net interest of £129.53 at the end of the year.

No matter how old you are, it's never too late to save money, and having a little savings behind you can prove to be a great help, and as a bonus you'll earn a little interest for your trouble.

Check out the Moneynet savings rates at Moneynet, today and find an account that's right for you.

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