A deposit account may not be an exciting home for your lump sum but it is accessible and dependable. Mr W wrote to Family Money seeking advice on what to do with £15,000 (#19,050).

The possibilities are endless, of course, but Mr W had certain requirements which narrowed down his options considerably. "We want access to the money at reasonably short notice and we don't want to risk it. What recommendations do you have for the best return?"

What you gain in access and security, you have to lose in potential growth. The only asset class that will suit Mr W's £15,000 is cash. Keeping money on deposit is secure and there is no point in signing up to any kind of investment term if you need access to your money at short notice. The next task for Mr W is to work out how to get the best possible interest rate for his lump sum under the circumstances.

Ulster Bank's RSVP Anytime postal account is offering the best rate in the market at the moment for this size of investment. The account offers 5 per cent annual interest on a minimum deposit of £5,000.

RSVP Anytime is primarily operated by post but account holders also have telephone and internet access to their account.

Using a personal organiser pack, which is sent to you once the account is opened, you can manage your account directly from home. The minimum lodgement and withdrawal is £500. Money can be deposited or withdrawn from the account using lodgement and withdrawal forms in the transaction book provided in the personal organiser pack.

The next best option is Northern Rock's Direct Saver account. Irish savers poured almost £275 million into the coffers of Northern Rock during the first six months of this year. The bank's figures show an average customer putting £35,000 on deposit. Since its launch in 1999, Northern Rock has signed up more than 11,000 new Irish customers, with at least 7,000 opening accounts within the last year.

Some 90 per cent of customers subscribe to the bank's Direct Saver account, which guarantees a return 0.25 per cent higher than the European Central Bank (ECB) base rate until January 1st next year.

The gross annual interest rate on this account is 4.75 per cent, with a minimum opening balance of £1,000. The Direct Saver is also operated by post, with some services available by telephone and the internet. Interest can be paid annually or monthly and the minimum lodgement and withdrawal is £500.

It's important to bear in mind that interest rates are generally quoted gross. Deposit interest is taxed at source at the standard rate of 20 per cent for 2001. No additional tax is payable on interest received and people over 65 are exempt from Deposit Interest Retention Tax (DIRT).