The best one-year fixed savings accounts – earn up to 4.7%

Fixed savings accounts, also known as fixed-rate bonds, tend to offer better rates than easy-access savings accounts in return for locking away cash. 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 4.7% interest.

• The best one-year fixed deal is 4.7% with QIB (UK) Raisin UK.

One-year fixed savings accounts

Best 1 year fixed rate

QIB (UK) Raisin UK - 1 Year Fixed Term Deposit – 4.7% AER

You can earn a top rate of 4.7% with QIB — 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.

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Castle Community Bank 1 year Fixed Rate Savings – 4.68% AER

This one year fixed account is offering 4.68% 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.

Cynergy Bank 1 Year Fixed Bond - 4.65% AER

Cynergy Bank is returning 4.65% 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.

Gatehouse Bank 1 Year Fixed Saver – 4.65% AER

Open this account with £1,000 and save up to £1 million. 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.

Oxbury Bank Personal 1 Year Bond Account – 4.63% AER

Earn 4.63% with this saver and open this account with a minimum £1,000 deposit. You can save up to £500,000.

The account can be opened online and you have up to 14 days to deposit your funds. Interest is paid at maturity after one year.

Birmingham Bank 1 Year Fixed Rate Bond – 4.62% AER

Birmingham Bank is currently offering 4.62% on its fixed saver. You can save 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.

Close Brothers Savings 1 Year Fixed Rate Bond - 4.61% 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.

Ziraat Bank Raisin UK - 1 Year Fixed Term Deposit – 4.57% AER

Earn 4.57% 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.

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.

Bank of London and The Middle East 1 Year Premier Deposit Account - 4.5% AER

BLME is a Sharia-compliant bank offering an expected profit rate of 4.5% on your savings. You must deposit at least £1,000 and you can save up to £1 million.

Profit is calculated daily and paid annually. You can open this account online.

Zopa 1 Year Fixed Term Savings - 4.5% AER

With a Zopa fixed saver, you can save between £1,000 and £250,000. You can only pay in during the first 14 days of opening the account.

Open and manage your account online. Interest is paid at maturity.

Vanquis Bank 1 Year Fixed Bond - 4.48% 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.

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.