Borrowers may be facing tougher times, but the outlook is definitely brightening for savers.

While mortgage providers are undoubtedly getting choosier about who they lend to (see below), savings providers are competing to pull in the cash – and to do that they need to offer better interest rates than their rivals.

But some just aren’t playing fair.

* Many offer short-term introductory bonuses to lure savers in and then slash their interest payments.

* Others impose complicated restrictions on deposits and withdrawals making it almost impossible to earn the promised rate.

* And others still offer so-called ‘guarantees’ that turn out to be not quite what they seem.

Rachel Thrussell, head of savings at Moneyfacts.co.uk, observes: “With competition hotting up, rates rising and new accounts being launched, it’s a perfect time to bag yourself a great savings deal.”

However, she warns: “But hand in hand with increased competition comes increased ‘creativity’.

“Some providers are attaching numerous terms and conditions to accounts to enable them to offer those very appealing interest rates.

“So it’s never been more important to look beyond the headline rate. If it looks too good to be true, then it probably is – unless you are willing to jump through a number of hoops.”

If you’re thinking about opening a new account, avoid these traps by looking for no-strings deals.

Several – including Bradford & Bingley’s Internet Saver, paying a market leading 6.4 per cent, Icesave Easy Access and AA Internet Access (both 6.3 per cent), Sainsbury’s Bank Internet Saver (6.25 per cent) and Yorkshire Building Society’s Internet Saver (6.2 per cent) – pay good rates without nasty surprises hidden in the small print.

It’s getting tougher to find a mortgage.

In the past six months, nearly one in three applicants has been rejected by lenders, who are tightening their loan criteria.

The combination of the US credit crisis, which has seen a record number of poorer mortgage holders default on their payments, and the stock market turmoil and housing market certainty on this side of the Atlantic is making lenders very nervous indeed.

As a result, according to today’s Daily Telegraph, an estimated 372,000 of the 1.2 million people applying for a mortgage between April and September were turned down.

This compares to an estimated 230,000 people – or one in five applicants – who suffered a similar fate in the six months to March.

More and more lenders are deciding whether to lend on the basis of what they think people can afford rather than just their earnings.

That means they’re looking very closely at prospective borrowers’ existing debt levels – and how they’re coping with the repayments.

But that doesn’t mean that if you’re finding it tough to get a mortgage you should grab anything you can get.

Do your best to get your finances in good order before you go looking.

And, if you want to get the best possible deal for your circumstances, it’s more important than ever to enlist the help of an independent expert.