The stakes have seldom been higher. Unless they offer something worthwhile, the banks stand to lose billions of euro as savers collect their SSIAs and either reinvest the money elsewhere or simply spend it.

Financial institutions claim to be pulling out all the stops and their headline offers will get even better as the European Central Bank hikes interest rates over the coming months. But buried in the small print are plenty of terms and conditions ready to trap savers who blindly sign up for the first offer that come their way.

Here are some questions you might want to consider to get you started:

Q) I want to put my money somewhere safe when my SSIA matures while I plan my next step. Who offers the best rate of interest for lump sums?

A) Bank of Scotland (Ireland) could be your best bet. While most banks ring-fence the best rates for regular savers only, its Monthly Saver account currently pays 4% interest on both lump sums and monthly savings.

However, 10,000 is the most you can deposit up-front with Bank of Scotland, considerably less than the average SSIA payout, and you may lose interest by making withdrawals or skipping a monthly contribution.

An alternative is to save online with Northern Rock (3.45% interest on deposits over 1,000) or RaboDirect (3.35% interest on all deposits). Both are no-notice accounts, so you can get at your money whenever you want.

If you would rather not trust your money to the internet, check out National Irish Bank. Its ECB Tracker Deposit pays 3.3% interest on lump sums of 5,000 20,000 and 3.5% on larger amounts up to 50,000. To get these rates, you must open the account before the end of August. You are free to access your money at any time, but no more lodgements can be made after 31 August.

Q) I want to keep saving month by month. Where should I go?

A) AIB leads the field with a rate, currently 5%, that the competition has yet to beat.

The catch is that the most you can put away is 300 a month, although the bank points out that this is more than anyone was allowed put into the SSIA scheme.

Anglo Irish Bank is more flexible, allowing you save anything from 100 to 1,000 a month in its Regular Saver Account while earning a variable rate of interest, currently 4.5%.

Bank of Scotland pays 4% on savings of up to 750 a month while Bank of Ireland offers the same rate on amounts up to 1,000 a month. Its big advantage is flexibility, allowing you to save weekly, fortnightly or monthly, skip contributions, or access your savings without penalty.

Q)I'm both a saver and a spender. Who's got the fewest restrictions on withdrawals?

A) The problem with eyecatching interest rates is that you usually have to bend over backwards to get them. Bank of Scotland is a good example:

if you stop saving regularly or make more than two withdrawals a year, the rate of interest on its Monthly Saver account drops from 4% to 2%.

Anglo Irish Bank locks you into saving for two years, and the rate of interest drops from 4.5% to 2.5% if you need to access your money during this time.

If there is a risk that you might not be able to keep saving, or if you need to raid your savings, you might be better off sticking with AIB or Bank of Ireland, which have fewer restrictions.

Q) I want to make sure my savings get the full bene"t of all interest rate rises still in the pipeline. Who has got the best price promises?

A) With interest rates on the way up, the big issue for all savers is to make sure their money is not left behind. The good news is that most banks have pegged the interest they pay on monthly savings to the ECB, so that all future interest rate increases will be automatically passed on in full to their customers.

AIB promises to pay ECB plus 2.5%, Bank of Ireland and Bank of Scotland pay ECB plus 1.5%, and National Irish Bank pays ECB plus half a percent.

But there are exceptions.

Anglo Irish Bank offers no price promise on its Regular Saver Account, so that while the 4.5% paid today looks attractive there are no guarantees that it will remain so attractive as interest rates rise.

The biggest mistake of all would be to lock in your money at a fixed interest rate with no hope of benefiting from the rate hikes to come.

Fixed rates are improving all the time . . . Bank of Scotland has raised its one-year offer to 3.05% or 3.25% for two-year money . . . but now is not the time for savers to duck for cover.

Q) I don't want to have to keep shifting my money around. Who's offering the best long-term value?

A) Like all special offers, the juicy deals being offered to savers will not last forever.

For lump sums, NIB's ECB Tracker Deposit promises to pay up to 1% over ECB until the end of 2008.

For regular savers, Anglo Irish Bank has the most stamina, offering its 4.5% rate for two years from the date the account is opened. Bank of Ireland's offer of ECB plus 1.5% lasts for 18 months after the account is opened.

Other banks have imposed strict deadlines, after which their special rates run out.

AIB will pull its offer of ECB plus 2.5% at the end of 2007, while Bank of Scotland's special offer ends a month later. So the longer you wait, the less time you will have to avail of these offers.

Q) Are there any other options out there?

A) If you have really caught the savings bug and are prepared to keep putting money aside for five years or more, you would be better off taking out an investment-based savings plan. Over time, the stock market should provide a much better home for your money, although there are no guarantees and you could get badly stung if the market crashes.

The big two banks claim they are prepared to pay the government's 25% savings top-up from their own pockets for a limited period to encourage SSIA holders to keep savings after their accounts mature.

But be very careful. This appears to be little more than an elaborate game of smoke and mirrors in which savers will pay the price for the banks' apparent generosity through rip-off charges for years to come.