No financial adviser would recommend keeping your hard-earned cash under a mattress. For most of us, the obvious (more sensible) alternative would be a bank / building society account of some kind - but what kind? Look around today and you'll find all kinds of accounts vying for customers' custom. To name just three: basic bank accounts, managed current accounts and notice accounts.
Basic bank accounts
For people who've had financial problems in the past, finding a bank account can be a real struggle. A poor credit rating can really get in the way of accessing various financial services: not just taking out a loan or getting a credit card, but even opening a 'standard' current account.
Basic bank accounts are designed to be available to almost anyone, whatever problems they've had with credit in the past (although undischarged bankrupts could still find it a struggle). They don't offer overdraft facilities, but they do provide the 'basic' functions which you'd expect from a bank account, such as Direct Debits and a cash card (or maybe a debit card).
It can also give them a chance to work on improving their credit rating, so they can apply for a different account (perhaps one with an overdraft, for example) later on, if that's what they'd like.
Managed current account
A managed current account provides customers with some help with their finances, to help them stay within their budget and avoid overspending. Basically, they'll set aside enough money for the customer's bills, so the rest of the money can be spent without accidentally spending funds they really should be keeping for things like their utility bills or their mortgage payment.
There may be a charge for a managed current, but if it helps people stay on top of their money, they might feel it's worth paying.
Notice accounts
As the name implies, customers have to give the bank enough notice before they withdraw money saved in a notice account. You might find a 30-day, 60-day or 90-day notice account. It might not be so convenient for someone who thinks they could need that money in a rush, but if they're confident they won't, using a notice account can be a good way to get a higher rate of interest.
Then again, some people will choose to put some of their money (the bit they're confident they can live without for the time being) into a notice account - and put the rest into an account they can access as soon as they need it.