best value for money hotel in the Maldives

The best value for money hotel are going to be the 3-star all inclusive resorts like.
Kuramathi Village (snorkelling equipment provided free of charge for the duration of your stay)
The 5 star's don't do All Inclusive and if you are looking at 4 star then I recommend Komandoo, White Sands or Reethi Beach. They are all beautiful and have their own dive schools to do the open water course.
Summer Island (you have to take your own beach towel as they don't currently provide them on this resort)

Meeru Island

And quite a few more out of the 80+ resort islands!

In order to get the best value for money, make sure that you read the small print as to what's included, like snorkelling equipment and activities and when you arrive (whichever island you choose) find out which bars and restaurants are included in the price so you don't have to pay any extra...unless you want to ;-)