The best one-year fixed savings accounts – earn up to 4.6%

Fixed savings accounts, also known as fixed-rate bonds, tend to offer better rates than easy-access savings accounts in return for the cash being locked away. 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, since the Bank of England cut interest rates in February, many savings rates are being lowered to reflect the smaller base rate.

In fact, the top one-year bonds have seen the largest cut in six months, falling by 0.19% according to Moneyfactscompare.co.uk.

Despite the drop in interest rates since the heady heights of 2023, if you're happy to fix your savings for a year, you can still earn up to 4.6% interest with a number of providers.

• The best one-year fixed deal is 4.6% with Birmingham Bank.

One-year fixed savings accounts

Best 1 year fixed rate

Birmingham Bank 1 Year Fixed Rate Bond – 4.6% AER

Birmingham Bank is currently offering a top rate on its fixed saver. You can earn 4.6% by saving anywhere between £5,000 and £250,000. However, you’re only eligible for FSCS protection for up to £85,000 of your deposit.

Once your account is opened, you have a limited period of 14 calendar days to make deposits. The account can only be opened online. Interest is paid at maturity.

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Cynergy Bank 1 Year Fixed Bond - 4.6% AER

Cynergy Bank is returning 4.58% 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.

Secure Trust Bank 1 Year Fixed Rate Bond - 4.6% AER

This fixed saver requires a minimum deposit of £1,000 and you can save up to £1million. But only up to £85,000 is protected by the FSCS. Any transfers can be made within 30 days of opening this saver.

The account can be opened online and managed via internet banking, using the app or over the phone. Interest is paid at maturity on 29 April 2026.

Vanquis Bank 1 Year Fixed Bond - 4.6% AER

Open this saver with £1,000 and save up to £250,000. Keep in mind that only £85,000 will be protected by the FSCS.

The first payment must be made within 30 days of submitting your application, and any further deposits within five working days of the first payment.

This account can be opened online and you can contact the bank using online banking, telephone, email or via post. Interest is awarded monthly or annually.

Close Brothers Savings 1 Year Fixed Rate Bond - 4.58% 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.

Hodge Bank 1 Year Fixed Rate Bond – 4.58% AER

With Hodge Bank, you can fund anywhere from £1,000 to £1 million in the account, but only £85,000 is protected by the FSCS.

You have up to 14 working days to transfer any funds into the account. Interest is paid on maturity and you can open the saver online.

Shawbrook Bank 1 Year Fixed Rate Bond - 4.58% AER

This saver requires a minimum deposit of £1,000 and you can save up to £2million. But only up to £85,000 is protected by the FSCS.

Interest is paid at maturity and you can open the account online and manage it either online or over the phone.

Al Rayan Bank (via Raisin UK) 1 Year Fixed Term Deposit – 4.55% AER

Earn an expected profit of 4.55% with Al Rayan Bank when you sign up via Raisin. You need to deposit at least £1,000, and you can save up to £85,000.

Profit is paid annually. You can open this account online.

Conister Bank 1 Year Fixed Rate – 4.52% AER

You can open this account by depositing between £5,000 and £100,000, but note that only £85,000 of your amount will be protected under the FSCS, not the entire sum.

The account can be opened online and interest is paid annually.

Ziraat Bank Raisin UK - 1 Year Fixed Term Deposit (via Raisin) – 4.52% AER

Earn 4.52% with this one-year fixed from Ziraat Bank – but you need to sign up via Raisin to get this rate. You can save between £1,000 and £85,000.

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

MBNA Fixed Saver 1 Year - 4.5% AER

You will need to pay a minimum deposit of £1,000 to open this account. The maximum amount is £750,000. Only a maximum of £85,000 will be protected by the FSCS.

You can add more money into the account for 14 after it is opened and interest is paid on maturity. You can open the account online and manage it by telephone.

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.