The rising cost of living is squeezing our wallets ever tighter, so it has never been more important to achieve an inflation-beating return on savings.

Several accounts have been launched paying more than 7% interest, but if you are prepared to take a bit more risk, you can get even more than this.

Here we offer 10 ways to earn a gross rate of more than 7%, from the lowest to highest-risk.

1 SAVINGS ACCOUNTS

Foreign banks have increasingly become a part of the savings landscape, and several are now offering fixed-rate bonds at more than 7%. Icelandic bank Icesave has a one-year savings bond paying 7.01% gross on a minimum deposit of £1,000.

Even that impressive rate has been beaten by FirstSave, which pays 7.1% gross for one, three or five years. The same £1,000 minimum deposit applies.

FirstSave is part of First Bank of Nigeria, a place not known for its stability. But FirstSave is a UK-registered subsidiary, regulated by the Financial Services Authority, and qualifies for the Financial Services Compensation Scheme, which will return up to £35,000 of any amount on deposit should the worst happen, though there is no suggestion the bank is in any financial difficulty.

Kevin Mountford at Moneysupermarket, (moneysupermarket.com ), said: “There’s more chance of interest rates falling than rising, which makes it a great time for those with spare cash to lock it away. Anything above 7% is not to be sniffed at.”

One of the highest rates available is from Abbey on its Fixed Monthly Saver 7 at 7.25%. However, there is a catch. Rachel Thrussell of Moneyfacts, a financial data firm, said: “The account matures on the first of the month following your 12th payment into the account. So if you open the account, say, on the fifth of the month, you are in effect there for 13 months. But if it is at the end of the month, then it will be just over 12 months.”

2 NS&I

Take-home pay may not go up much in the next few years, but if you take out an index-linked bond at least you know your investments are rising in line with the cost of living.

National Savings & Investments (NS&I) offers two index-linked bonds. The three-year deal offers a rate equal to the retail prices index, 4.2%, plus 0.7%, or 4.9%. The five-year bond has a rate of RPI plus 0.7%, equivalent to 4.9%. As there is no tax on returns, the rate on the five-year bond is in effect 8.17% for higher-rate taxpayers.