The best one-year fixed savings accounts – earn up to 4.5%

Fixed savings accounts, or fixed-rate bonds, are different from easy-access savings accounts as they let you earn high interest by locking your cash away for a fixed period.

These accounts can be ideal for anyone hoping to earn interest on their savings at a rate that’s guaranteed for a period of time.

However, high inflation and the Bank of England cutting interest rates to 4% mean that the typical returns from a fixed savings account dipped below 4% for the first time since April 2023, according to Moneyfacts.

But if you're happy to lock in your savings for a year, you can still earn up to 4.5% interest. We list the best accounts on the market now.

• The best one-year fixed deal is 4.5% AER with Chetwood Bank.

One-year fixed savings accounts

Best 1 year fixed rate

Chetwood Bank Fixed Rate Savings Account – 4.5% AER

To open this market-leading one-year fixed saver, you will need to fund it with at least £1,000 within 14 days. There is no maximum balance, and you can only open a sole account.

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

View Deal

Al Rayan Bank Prosper 1 Year Fixed Term Deposit – 4.45% AER

You can open this fixed saver directly through Prosper, a savings provider. It gives you a 0.23% boost on top of the 4.22% interest rate a week after maturity, into your nominated bank account.

To open the account, you will need to add funds to your Prosper wallet – a minimum balance of £1,000 and up to £1 million. However, only £85,000 of your deposit will be eligible for FSCS protection.

The account can be opened online through Prosper, and interest is paid at maturity.

Investec Bank 1-Year Fixed Rate Saver - 4.42% AER

This saver requires a minimum deposit of £5,000, and you can save up to £250,000.

You must make all deposits within seven days of opening the saver. You can open the account online, and interest is paid annually on maturity.

Atom Bank 1 Year Fixed Saver – 4.4% 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 savings account.

Interest is paid annually on maturity, and this account can be opened online.

Cynergy Bank 1 Year Fixed Bond – 4.4% AER

Cynergy Bank is returning 4.4% AER, and you can start saving with a minimum of £1,000. You have a 14-day window to make any deposits.

You can save up to £1 million, and the account can be opened and managed online.

JN Bank 1 Year Fixed Savings Account - 4.4% AER

This one year fixed is offering 4.4% AER, and you can start saving in the account with just £100. You can deposit a maximum of £500,000.

Interest is paid when your account matures, and you can open the saver online.

Tandem Bank 1 Year Fixed Saver – 4.37% AER

With Tandem, you can open a saver from this saver with just £1, and save up to £2.5 million. Note that only £85,000 is eligible for FSCS protection.

You have 14 days from opening your account to fund any money in the saver. Interest is paid annually on maturity, and this account can be opened online.

DF Capital 1 Year Fixed Rate Deposit – 4.35% AER

This account by DF Capital pays 4.35% interest on your savings if you deposit between £1,000 and £250,000 in your account within 14 days. Only £85,000 is eligible for FSCS protection.

The account can be opened online, and interest is paid on maturity.

Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit - 4.35% AER

You can open this account with £1,000, and save up to £2 million. Keep in mind that only £85,000 of your money is eligible for FSCS protection. Once you open the account, you are not able to add any additional funds.

The account can be opened online and managed by post. Interest is paid on maturity.

Close Brothers Savings Fixed Rate Bond – 4.33% AER

This fixed saver requires a minimum deposit of £10,000 and you can save up to £2 million. Only up to £85,000 will be eligible for protection under the FSCS scheme.

The account can be opened online and managed online, post, or over the phone. Interest is paid annually.

GB Bank 1 Year Fixed Rate Bond – 4.3% AER

Earn 4.3% with this saver and open this account with a minimum £1,000 deposit. You can save up to £100,000.

The account can be opened online, and you have up to 21 calendar days to deposit your funds. Interest is paid at maturity.

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.