You're not alone if you're a bit disappointed by the savings rates on offer these days. According to Moneyfacts, a basic-rate taxpayer now needs a savings account with a 3.37% interest rate to beat inflation (or 4.5% for higher-rate taxpayers). In other words, the value of the money in your savings account is shrinking.

Remember: saving is still important!

Putting money into savings is not just about making your money grow - it's also about having something to fall back on in a financial emergency. Without any savings at all, an emergency bill such as car repairs or a broken boiler could leave you in real trouble.

So while there's nothing wrong with trying to improve your finances by investing, you should ideally keep some money in an easy-access savings account, just in case.

But if you're prepared to take a risk, there are other options that could help you grow your money more quickly. We've looked into five of the most popular alternatives to regular savings.

Gold

Gold has been used as currency throughout history, and even today it holds a very high value. What's more, its value has increased significantly in recent years: MoneyWeek says it's gone up from $250 per ounce in 2001 to $1,900 in 2021 (a 660% increase) - hitting record highs every year since 2002.

Like any investment, there are no guarantees with gold, and the value does fluctuate over time. So although history suggests your money could grow very quickly with gold, you should be prepared for the risk of a drop in value too.

Peer-to-peer lending

Peer-to-peer lending basically makes you the lender, and offers very good returns compared with most savings accounts. The idea is that you provide the money for other people's loans, and you will get your money back with interest.

Lending through Zopa offers an average of 5.4% interest (per year) on your investment, according to its website, but it claims you can actually get an average rate of 7.5% if you're willing to lend to 'higher-risk' borrowers. Longer-term loans can offer even higher returns than this.

To keep things safe, the money you invest is spread across a number of borrowers (at least 200 if you lend £2,000 or more) - making the chances of a failed investment very slim.

Stocks and shares

Buying stocks and shares gives you partial ownership of a company. Depending on how that company performs, you stand to get a good return on your investment when you decide to sell your shares - or you could lose some (or all) of it.

Because you're a partial owner of the companies you invest in, you'll also have a say in the decisions each company makes (although your overall influence will depend on how much you've invested).

To limit risk, a lot of people have a 'portfolio' of stocks and shares - in other words, they spread their investment over a number of companies instead of putting all of it into just one company. This can help your chances of growing your money, but there are no guarantees.

Collectibles

Rare items that attract a lot of interest can be a great investment, as long as you know what you're doing. Common examples of valuable collectibles include art, antiques, stamps, vintage musical instruments and jewellery.

However, according to Investopedia, a lot of collectibles take a long time to increase in value, and there's no guarantee they will hold the same value over time. Others (such as Beanie Babies and Pokemon cards) gain value quickly during their time as a 'fad' and then fizzle out.

Expert investors can make a living from snapping up bargains and selling them on at a higher price, but the risk of losing money is quite high.

Property

Becoming a landlord can offer good, regular returns on your money. The basic idea is that you pay the mortgage on the property and charge rent to your tenants at a higher rate, meaning you make a profit month after month.

However, there are plenty of risks to be aware of. As a landlord, you are responsible for replacing and repairing damage to the property and its contents. There are times when your property will be empty (meaning no rent). And if house prices fall (as they have been in recent years), the value of your investment will fall.

As long as you account for these risks when choosing how much to charge for rent, you should be able to make a good return - but like all investments, there are no guarantees.