SCOTS are a nation of secret savers, with one in 10 admitting to hiding savings from their partner, according to research from Bank of Scotland.

Women were found to be more furtive than men, with 12 per cent of women confessing to having a clandestine stash of cash.

Scots aged between 35 and 44 are the most secretive age group and Dundee is the most covert Scottish region, with one in five (19 per cent) Dundonians keeping money squirrelled away from their partner. However, only four per cent of Dundonians believe their partner would hide their savings.

Glaswegians are the least likely to have furtive funds, with only eight per cent admitting to a secret savings account.

Bank of Scotland director Mike Moran said: “It’s great to see people saving, regardless of whether they are saving into a secret savings account or not. Putting some money away each month is an important part of managing your finances and it’s good to see that so many Scots are getting into the habit.”

But where is the best place to put your covert cash? The top easy-access savings accounts currently on the market come from BM Savings and RCI Bank, both of which pay interest of 1.3 per cent. Though the returns are low, when interest rates rise savers will be able to move quickly to chase better returns.

Rachel Springall, finance expert at financial data provider Moneyfacts, said: “It’s more important than ever to chase the highest possible returns due to the rise in inflation, now at three per cent. Its effects will erode the spending power of savers’ cash if they are earning less than this rate.”

Savers who are happy to give notice of any withdrawals can earn 1.55 per cent in Buckinghamshire Building Society’s 180-day notice account, which is available by post.

You can earn a higher rate of interest if you are prepared to lock your money away in a fixed-rate bond – and the longer the term, the higher the rate.

Springall said: “Some of the best savings deals can be found with fixed-rate bonds. However, in order for savers to get the highest possible return, they would need to lock their cash away over the longer term.”

For example, Ikano Bank’s five-year bond pays interest of 2.46 per cent. The account is available online with a minimum deposit of £1,000. If you prefer a shorter term, Atom Bank’s online two-year bond pays 2.05 per cent and requires a minimum deposit of £50. Alternatively, you can earn 1.85 per cent with Vanquis Bank’s one-year bond, which is available online and requires a minimum deposit of £1,000.

Regular savings accounts also pay comparatively high rates of interest. For example, you can earn 3.5 per cent in Saffron Building Society’s 12-month fixed-rate regular saver. However, you must pay into the account each month for a year, and the maximum deposit over the 12 months is £2,400.

Most people do not need to worry about tax on their savings thanks to the personal savings allowance, which allows all basic-rate taxpayers to earn £1,000 a year of savings interest tax-free. The allowance for higher-rate taxpayers is £500. There is no savings allowance for additional rate taxpayers.

If you are set to earn more than the savings allowance, you should look to an Isa. You can put up to £20,000 in a cash Isa and the interest is tax-free. Again, fixed-rate deals pay the highest rates. Virgin Money’s five-year fixed-rate Isa pays 2.4 per cent. It also offers a one-year fix at 1.51 per cent. Both are available online with a minimum deposit of £1.

Savers who are prepared to take a risk with their secret stash of cash could consider investing in the stock market - and now could be a good time because markets tend to perform better in the winter months. Since 1995 for example, the FTSE All-Share has returned 167 per cent between November and April, six times more than the May to October period when the total return was 26.97 per cent, according to research by Architas, an investment company.

Adrian Lowcock, investment director at Architas, says: “No one has worked out exactly what causes the six-month effect, but it does seem to exist. It is also a global phenomenon. The beginning of November could therefore be a good time to make any new investments.”

Legal and General’s UK Index Trust tracks the FTSE All-Share and annual costs are minimal at 0.06 per cent. Or, for the more adventurous investor, Mr Lowcock picked out Fidelity Global Special Situations and Franklin UK Smaller Companies.