The best one-year fixed savings accounts, October 2024 – earn up to 4.82%

If you’re looking for the best savings account and are happy to fix your savings for a year, you can now earn up to 4.82% interest. 

• The best one-year fixed deal is 4.82% AER with SmartSave

These accounts, also known as fixed-rate bonds, tend to offer better rates than easy access savings accounts, which are ideal for anyone hoping to gain some interest on short-term savings. 

Although the best easy-access accounts are returning up to 5.2%, there are restrictions. So, it's worth weighing up which account suits your savings needs better. 

One-year fixed savings accounts

Best 1 year fixed rate

SmartSave 1 Year Fixed Saver – 4.82% AER

You need at least £10,000 to open this account, and deposit up to £85,000. Interest is paid annually and you can open this saver online. . 

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Monument 1 Year Fixed Term Deposit– 4.81% AER

This saver requires a minimum deposit of £25,000 and you can save up to £2 million. Interest is paid annually and you can open the account on the Monument app.

Atom Bank 1 Year Fixed Saver – 4.8% AER

Open this saver with just £50, and save up to £100,000. You have one week from opening your account to fund any money in the saver. Interest is paid annually on maturity, and this account can be opened online. 

Cynergy Bank 1 Year Fixed Bond - 4.75% AER

Cynergy Bank is returning 4.75% AER and you can start saving with a minimum £1,000. You have a 14-day window to make any deposits. Save up to £1million. This saver can be opened and managed online.  

Vanquis Bank 1 Year Fixed Bond - 4.75%

Open this saver with £1,000 and save up to £85,000. This account can be opened online and interest is awarded monthly or annually. 

You can also open this saver as a sole or joint account. 

Close Brothers Savings 1 Year Fixed Rate Bond – 4.7% AER

This fixed saver requires a minimum deposit of £10,000 and you can save up to £2million. But only up to £85,000 is protected by the FSCS.

Any transfers can be made within 10 calendar days of opening this saver. The account can be opened online and managed online, post, or over the phone. Interest is paid at maturity. 

Gatehouse Bank 1 Year Fixed Saver – 4.7% AER

Open this account with £1,000 and save up to £1million. But note, that this is a Sharia-compliant bank, so you earn an expected profit rate. You can open the saver online, and the expected profit is paid monthly or annually at maturity.

Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit – 4.7% AER

This account is ideal if you have a big amount to save, as you can deposit up to £2million. Start saving with £1,000. Interest is paid annually when your account matures. You must make any deposits within the first 14 days, and the account can be opened online.

Zopa 1 Year Fixed Term Savings – 4.7% AER

This fixed saver requires a minimum deposit of £1,000 and you can save up to £250,000, with FSCS protection on up to £85,000 of your amount. You can top up your savings as many times for 14 days before your term starts. 

The account can be opened online and managed online. Interest is paid at maturity.

United Trust Bank 1 Year Bond – 4.65% AER

You can open this fixed saver with £5,000 and go up to £1million. But note that only £85,000 of your deposit will be eligible for protection under the FSCS.  

Interest is paid annually when your account matures. The account can be opened online but you can also manage it via post or over the phone. 

Is a fixed savings account for me?

If you’re happy to lock your money away for longer, you have the option of two or five-year fixed-rate accounts which might offer a better interest rate.

“However, if you’re looking to save for five years or more, investing gives you a better growth potential as you benefit from compounding and you have a stronger chance of making your money grow and beating inflation. But investing is not risk-free and it can take time for your money to grow,” says Kalpana Fitzpatrick, MoneyWeek’s senior digital editor and author of Invest Now.

Once a fixed period ends, you will have to open another account – either with the same bank or elsewhere. It is also worth noting that if you fix an account and interest rates go up, you will be stuck with the rate you have until the fixed period ends.