With a little bit of effort you could do a lot better than a BOI smartsave account which currently only sports a .5% EAR return.
Your original post indicates you want to save regularly but since you mentioned:
... is it save to assume that this is a current account and thus you might benefit from setting up a savings account to handle lump sums?
Checking the best buys stickies reveals the best canidates in terms of returns for both regular and lump sum savings:
http://www.askaboutmoney.com/showthread.php?t=20747
http://www.askaboutmoney.com/showthread.php?t=102329