I gave up on regular savings accounts a while back and with interest rates at a pitiful 1% so should you.
Here are some alternatives :-
ZOPA – I have been using them since 2005 and have got an average return of 7%. ZOPA is mainly for person-to-person lending and they have a fabulous party every year in London
Funding Circle – I have just joined so can’t give first hand account but their blurb says you should get a return on 8.9%
Bitcoin – is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Your Bitcoins are stored locally on your computer and can be converted to a currency of your choice by the Bitcoin exchanges. Beware: the exchange rate can be a bit volatile !
I will add some more later on.