Riskier investments can be capable of providing high returns. They are also capable of robbing you of your hard-earned capital. So what are your options if you want to get the best possible return without risking your capital?

The safest investments are in Government Bonds and the largest financial institutions. If the big banks or the Government ever default, you can be sure that there is a financial meltdown underway that would sweep away any monetary investment. Your only protection then would be in hard assets - such as precious metals for example. The trouble with precious metals is that their value is volatile. If you buy at the wrong time, you can lose a lot of money.

In the UK you can put away up to £93,000 for tax-free returns, with no risk to the capital. You can do this through a combination of cash ISAs, national savings premium bonds and savings certificates. You are allowed to shelter up to £3,000 a year in a mini cash ISA.

Investing in national saving index-linked and fixed-rate savings certificates should ensure that your capital is protected and you receive a reasonable rate of tax-free interest. You can invest up to £30,000 in premium bonds. The worst that can happen is that you get back your original capital. You also have a chance of winning up to £1,000,000 tax free.