The different savings products available

The returns on savings is determined by the following factors and more:

The amount of money saved: the more money you save the more money you will earn in interest.
How often money is saved: some accounts may provide better rates if you put in a certain amount of money over regular intervals.
For how long the money is saved: over the long term you will start earning interest on your interest ie. compound interest.
The number of withdrawals: sometimes if you make a lot of withdrawals you may earn less interest but this is also because you leave less money in the account by taking some out.
The operational channel used: sometimes online platforms may pay higher rates, this may be because the banks costs online is lower as no rent is paid for the branch etc.
Tax status: some accounts like ISAs are tax free as no tax is paid on interest earned.
Bonuses: some accounts may offer bonuses eg. they may pay more interest if you have a certain level of money in the account.

The reputation and safety of the provider :eg. whether your savings would be covered by the FSCS under your chosen provider.
Criteria: whether the account has any criteria eg. age limits, a minimum deposit required or whether it’s available to anyone or only existing customers.
Tax status: whether you’ll have to pay tax on any interest you earn or not.
The rate of return: check the AER and whether it’s above the inflation rate (current rate 5.5% in February 2022).
Withdrawals: the number of withdrawals you will be able to make and the type of access you’ll have eg. notice, instant or fix.

ISAs: these are tax free savings accounts
Easy/immediate access: these are accounts to which you have immediate access so you can withdraw your money without any notice at any time
Notice accounts: these accounts pay a higher rate than immediate access accounts because you won’t have access to your money immediately and you will have to give a set notice eg. 30, 60 or 90 days before withdrawing your funds, if you don’t give the required notice you may lose any interest earned or be charged a fee
Fixed rate bonds: these offer a fixed rate of interest for a set period of time, their rates are even higher but you won’t have access to your funds over the agreed term of the bond which can even be years