Many of us are still reeling from the financial hangover caused by the pricey festive season and savings accounts tend to look a little bare at this time of year. But with New Year's resolutions still fresh in our minds and goals firmly set on saving money, the best time to act is now. And if you choose your options wisely, you just might be surprised at how easy it is to save for that new outdoor room you've been dreaming of to host your own New Year's Eve event at the end of this year!

Financial institutions are fairly competitive when it comes to interest rates on their savings accounts, offering rates from no interest up to the 6.51 percent mark at the moment. But with so many savings accounts available in the market (RateCity compares almost 100 online savings accounts) choosing the best one to suit your needs and help you realise your goals can be tricky.

In your decision-making process it's important to consider more than simply the interest rate, which tends to be the factor that gets many savers over the line. To really maximise your final balance consider some of the conditions and restrictions that are associated with savings accounts, such as the minimum balance or minimum monthly contributions required by some institutions as well as any ongoing fees.

Some savings accounts offer appealing interest rates for limited periods, for instance, which revert to a lower rate after the first few months.

For example, Virgin Money is offering a starter rate of 6.51 percent on its Virgin Saver account with no fees. After the first four months the account reverts to variable interest rate of 5.35 percent per annum.

Its competitor UBank offers the same rate as Virgin Money on its fee-free USaver account, but the 6.51 percent rate is for the life of the account. What's the catch with the UBank account? Savers are required to contribute at least $200 each month to the account, which may be a good thing for those needing extra encouragement to save.

No matter what your renovation goal may be, do your research and compare savings accounts at financial comparison websites, which can help you on to the right track with your renovation financing.