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While it turns out the Britons are racking up record levels of debt, we're not doing too badly on keeping up the savings either. Britain's debt mountain currently stands at some £1.3 trillion, over 80% of which are in mortgages, while the nation's savings pot sits at a quite healthy £1 trillion. Britain's are actually saving at record levels, and if you're finding you've got a surplus of cash spare every month, then it might be time to join in.

There is currently a wide range of financial products on the market that can help you make the most out of your cash. Savings accounts, ISAs, bonds, stocks and shares - they're all products that can help you save in different ways. Take a read of what's below to see which is best for you.

Savings Accounts

Savings accounts are a good option if you want to place a given amount of money and accrue interest, while also maintaining the chance to withdraw it if you need to. Some banks hand you an interest penalty if you withdraw, such as not giving you an interest payment for a given month. Additionally, almost all savings accounts track the Bank of England's base rate, so the AER can fluctuate and decrease during a period of low interest rates. You also pay tax on a standard savings account, so your gross AER is unlikely to match the AER that is stated by your bank. The top AER on a savings account without a withdrawal penalty is 6.23% by ICICI Bank, while Alliance and Leicester offer savings accounts with 6.5% AER if you don't make any withdrawals.

ISA

An ISA is similar to a savings account, but you don't pay tax and there is a limit to which you can put in. In a Mini ISA you can either save £3000 cash or £4000 in stocks and shares per year. In a Maxi ISA you can invest in both elements up to the maximum amount. You can only put in the set amount per year, and if you don't use it, you lose it. However, these are very good options if you want to put away a small to medium sized figure away each year for the long term. You can withdraw cash from them as well if you need it (although your depository allowance will remain the same if you do this). See Alliance and Leicester for more information on getting an ISA.

Fixed Rate Bonds

A fixed rate bond is effectively a loan that you give to the bank, and then they pay you the interest for it when the term of the bond expires. After opening a bond, it is common not to be able to add to your initial deposit, so bonds are normally best for people who are looking to invest a fix amount. It's also fairly typical for you not to be able to withdraw your money without a penalty. However, fixed rate bonds have a fixed rate of interest, meaning they can be very good in a year with a frequent lowering of interest rates. You also pay tax on the bond, so watch out for the gross rate in a similar fashion to a savings account. Check out Northern Rock for the top grossing bond on the market with a fixed 6.9% AER. You don't need to worry about their financial situation if you're investing up to £30000 either, because their savings are guaranteed by the government.

Stocks and Shares

There's always the option of investing in stocks through an ISA, but you can also just do it yourself, and select stock options that link directly to your current account. Beware though, stocks are only recommended for those who have done significant research, and those who do not need their money for any less than five years. Over this timeframe shares beat the return on cash four out of five times, but there is still a risk that you will not get all of money back. The best way to cut your risk is to take out a diversified portfolio. See Legal and General for investments.

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