Personal finance: Banks and building societies continue to launch savings products, which customers need to fight an old enemy: inflation. However, many products carry conditions.

Banks and building societies continue to launch savings products, which customers need to fight an old enemy: inflation. However, many products carry conditions.

On Wednesday, Scottish Building Society launches a limited edition Thistle Bond, offering a 6.8% fixed rate for 12 months, and an Isa fixed rate of 6.25% for minimum balance transfers of £25,000.

Gerry Kay, chief executive, said the highly competitive one-year bond was available on a first-come, first-served basis. It is the first time the tiny 160-year-old society has elbowed its way into the "best buys" for popular products, reflecting the ambition of Kay, who arrived a year ago, to grow Scottish.

It opened a new branch in Aberdeen in June, its first in recent times. Kay added: "The Isa transfer rate will enable financially aware consumers to make their Isa investment work that bit harder for them."

Withdrawals from the bond during the first year are subject to a penalty of 90 days' interest on the amount withdrawn. The Isa Balance Transfer allows no withdrawals during the fixed-rate period.

Abbey has launched a Super Monthly Saver offering 10% gross per annum, but only if you take out a protection plan, regular investment or pension, saving between £20 and £250 per month. If any withdrawals are made the rate drops to 0.10% for that month.

"With inflation continuing to climb, savers need to look at all available options to ensure they're making the most of their money," said Abbey's director of savings and investments, Reza Attar-Zadeh.

This is Abbey's third announcement of savings products in 10 days. This week it launched its latest tranche of fixed-term savings accounts with a guaranteed return. Its one, two and three-year fixed-rate bonds pay between 5.7% and 6% gross.

Its 50+ Bond offers monthly gross interest of 5.6% guaranteed for three years, and its Children's Saving Bond offers 5.75% fixed for four years.

Last week, it launched a fixed-rate one-year bond paying 6.35%, rising to 6.75% on £30,000-plus.

Nationwide also last week launched a new range of bonds, including a six-month bond, paying between 6.5% and 6.7% gross. "The fixed-rate bond market continues to be very competitive for savers looking to tie their money in for a fixed period at a rate guaranteed not to change," said Nationwide's head of savings, Lee Raybould.

Leeds Building Society launched a one-year fixed-rate postal bond paying 6.85% gross. It allows customers access to up to 25% of the amount invested at any time, without notice or penalty, but has a minimum operating balance of £5000.

In fact, more than half of the top 50 instant or easy-access accounts for balances of £1000 come with conditions, including limiting access to deposits. Twelve restrict the number of withdrawals, four apply a penalty for withdrawals and nine are limited to certain ages.

On some, a withdrawal eliminates any interest for your entire balance for that month. Someone with £10,000 in an account paying 6.5% annual equivalent rate who made one withdrawal in each of four months would see his AER fall to 4.33%, costing £216 in gross interest.

"Before opening an account you should not only consider the interest rate but also what type of access you want," said Helen Cook, head of savings at Sainsbury's Finance, which pays 5.5% on its Internet Saver without restrictions.

However, with the consumer price index (CPI) hitting 4.4%, more than double the government's 2% target, and the retail price index (RPI) hitting 5%, savings need to earn at least 6.25% for basic-rate taxpayers and 8.33% for higher-rate taxpayers.

"The most popular account with savers is a no-notice account, where the average rate ranges between 3.3% and 4.14% before taxation, depending on the amount invested," said Moneyfacts' analyst Michelle Slade. "In real terms inflation is not only eroding returns on the investment, it is also depreciating the original capital invested.

"Savers can find higher rates on notice accounts and accounts managed online, but even these are not immune from the effects of inflation. It is not until savers in these accounts have at least £25,000 invested that the average gross rate is higher than 4.4%. Savers need to switch to accounts paying rates higher than inflation."

They also need to read the small print carefully and treat rate guarantees with caution. "Many guarantee rates at least equal to base rate until a set date or indefinitely," said Moneyfacts' Joanna O'Brien. "What savers must be more careful of is when a rate is greater than base rate.

"Keep an eye on what happens to the rate both during the period of the guarantee and after. The rate could potentially drop a long way. On some products the rate guarantee will apply only to certain tiers, so savers need to make sure they will be eligible for the guarantee before investing."