The best one-year fixed savings accounts – earn up to 4.55%

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 fixed period of time.

However, with the Bank of England cutting interest rates to 3.75%, fewer fixed-term bonds can now beat inflation.

If you're looking to lock in your savings for a year, you can earn up to 4.55% interest. We list the best accounts on the market below.

We round up the best savings rates in a separate guide.

• The best one-year fixed rate is 4.55% AER with Marcus by Goldman Sachs.

One-year fixed savings accounts

Best 1 year fixed rate

Marcus by Goldman Sachs 1 Year Fixed Rate Saver – 4.55% AER

Savers willing to lock their cash away can now earn a market-leading 4.55% for one year with Marcus, a savings account by Goldman Sachs. You can put up to £250,000 in the account within the first 14 days of opening the account. Note that a maximum of £85,000 is protected under the FSCS. The account can be opened online.

View Deal

OakNorth Bank Meteor Savings 1 Year Fixed Term Deposit – 4.35% AER

You can open this fixed saver by OakNorth Bank through Meteor Savings, a savings provider. It gives you a 0.15% boost on top of the 4.2% interest rate, making it the top fixed rate at the moment. You can save between £1,000 and £500,000 in this account, but remember that only £120,000 of that money will be eligible for FSCS protection. Interest is paid at maturity.

Union Bank of India (UK) Ltd Fixed Rate Deposit – 4.33% AER

This one year fixed saver by Union Bank of India (UK) is offering 4.33%. To open this account, you can start saving with £1,000 and deposit a maximum of £1 million. Interest is paid annually when your account matures. You can open the saver in branch or by post.

OakNorth Bank Fixed Term Savings Account – 4.26% AER

OakNorth Bank is offering a 4.26% rate on its 12-month fixed saver. You can deposit just £1 and save up to £500,000. However, keep in mind that the FSCS will only protect £120,000 of your deposit money. The account needs to be funded with payments within the first 14 days. You can open the account online or on the OakNorth mobile app. Interest will be paid at maturity.

Castle Community Bank Fixed Rate Savings – 4.22% AER

This one-year fixed account is offering 4.22% AER, and you can start saving with £1,000. You can deposit a maximum of £85,000. Interest is paid annually when your account matures, and you can open the saver online.

Chetwood Bank Fixed Rate Savings Account – 4.21% AER

To open this 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.

UBL UK 1 Year Fixed Term Deposit – 4.21% AER

This one-year fixed savings account pays 4.21% interest, and you have to stash between £2,000 and £1 million to qualify for the rate. You have ten calendar days to fund your account in order to secure the rate. The account can be opened and managed online, via post, or in branch. Interest can be paid monthly or annually.

Afin Bank 1-Year Fixed Term – 4.2% AER

This digital bank is offering a 4.2% fixed rate on its savings account. The minimum deposit requirement is £1,000, and you can save up to £200,000 (but only £120,000 will be FSCS-protected). The account can be opened online. Interest is paid at maturity.

LHV Bank 1 Year Fixed Rate Bond – 4.2% AER

LHV is paying a fixed interest of 4.2% on your savings. To take advantage, you will need to save a minimum of £1,000 and a maximum of £1 million. Keep in mind that only £120,000 of the amount will be eligible for FSCS protection. You have 14 days from the date of opening your account to make the deposit. You can open the account via the LHV app. Interest is paid at maturity.

GB Bank 1 Year Fixed Rate Bond – 4.15% AER

Earn 4.15% 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.

Investec Bank 1-Year Fixed Rate Saver – 4.15% AER

This one year fixed saver requires a minimum deposit of £5,000, and you can save up to £250,000. However, only £120,000 will be protected under the FSCS. You must make all deposits within seven days of opening the savings account. You can open the account online, and interest is paid annually on maturity.

Vanquis Bank 1 Year Fixed Bond – 4.15% AER

Open this fixed saver with £1,000 and save up to £250,000. Keep in mind that only £120,000 will be protected by the FSCS. The first deposit must be made within 30 days of submitting your application, and any further funds within five working days of the initial payment. This account can be opened and managed online. Interest is paid at maturity.

Is a fixed savings account right 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.