So you didn't get your full allocation of Telecom Eireann shares and you're sitting on a hefty cash refund. Or you may be one of those investors who was quick off the mark and has already sold your shares, realising a profit. But what do you now do with the money?

Many people took cash out of low interest deposit accounts to invest in Telecom shares. The money can always go back where it came from but a growing number of people are looking for higher-yielding alternatives. And there are plenty on offer as anyone reading the newspapers, listening to the radio or watching television in recent days will know.

Financial institutions, coming out of a lean period when the State's entire savings seemed to be earmarked for the Telecom flotation, are marketing a wide variety of products, some old, some new but all targeted at Telecom investors.

Both Hibernian and Irish Life, for example, are offering telecom funds designed to appeal to those investors keen to have exposure to the fast-growing sector but who did not get as many shares as they would have liked. However, investors have to be in for the long-term, which usually means at least five years.

Hibernian's Global Telecoms Fund is invested in blue-chip telecoms stocks around the world and involves a minimum investment of £3,000 while Irish Life's telecom fund is one of its Scope series of mutual funds. A minimum of £2,000 must be invested in any one of the five funds which range from a guaranteed, low-risk product, SecureScope, to TeleScope, which tracks the 18 companies on the Dow Jones Europe telecommunications index.

First Active has also launched a Telecoms Tracker Bond, linked to Europe's eight leading telecoms companies. Investors must have at least £1,000 to put away for a three and a half year period.

Those who would like to invest in a broader range of companies can consider any of the numerous unit-linked or mutual funds now on the market.

Friends First, for example, has just brought out a new product specifically designed for those with capital to spare following the Telecom flotation. Its Sharegrowth Plan allows people to invest in a broad range of stocks and shares and comes in two varieties - a managed fund for the more risk sensitive and an ordinary share fund for the more adventurous.

Other offers are designed to make finding a home for your money as easy as possible. Bank of Ireland Asset Management (BIAM) will go so far as to buy your Telecom shares from you and invest the proceeds in its managed mutual fund.

Those who want to get away from equities entirely may be interested in two new forestry funds which are being launched. The minimum investment in the Tipperary-based Premier Irish Forestry Fund is £1,000 and it promises a compound annual growth rate of 12.58 per cent per annum.

Irish Forestry Services Ltd has also launched its sixth fund, promising 12.25 per cent per annum with a minimum investment of £500. However, investors should note that investment in forestry funds tends to be for long periods, such as 30 years.

If you want more security than that offered by the equity or forestry funds you could consider the with-profits products offered by the life assurers or the Ulster Bank Protected Capital Bond, a managed fund offering a 100 per cent capital guarantee at the end of five years.

Anglo Irish is also selling a Euro Escalator Bond, which carries a capital guarantee and is linked to the performance of the Euro Stoxx 50 index of leading companies in Europe.

Look out also for two new property funds, one Irish and one British, being launched by Norwich Union next week.

Despite the barrage of advertising, consumers should not be rushed into deciding what to do with their money. You need to ensure that the investment you choose is right for you, that it meets your needs in terms of the sum invested, the period it is invested for and the risk that attaches to it.

When deciding what to do, customers should also keep a wary eye on charges - both the up-front charges involved in the product and the ongoing management fees. These can vary significantly and affect the return on investment.

For those baffled by it all and who need time to think, the deposit accounts are still there and will give you some breathing space. Even here it is worth shopping around because the rates on offer vary quite considerably.

TSB, for instance, has introduced an account with a special 4 per cent fixed rate for nine months while Irish Nationwide has a 4.35 per cent rate on offer.

Bank of Ireland is even offering an investment advice account where Telecom investors can deposit their funds for three months. During this period, they will receive interest and expert advice on the bank's investment products although there is no obligation on them to eventually purchase any of these products.

So if you don't want to put your money back in the piggy-bank, there are plenty of alternatives. It's just a matter of doing the homework and finding what's right for you.