The best one-year fixed savings accounts – earn up to 5.12%

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.

The Bank of England held interest rates at 3.75% in its September meeting, so you may want to act quickly to earn the top rates.

Currently, if you lock in your savings for a year, you can earn up to 5.12% 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 5.12% AER.

One-year fixed savings accounts

Best 1 year fixed rate

AlRayan Bank 12 Month Fixed Term Deposit – 5.12% AER

Earn an expected profit rate of 5.12% with this one-year fixed deposit from Sharia-compliant AlRayan Bank. There is a minimum deposit requirement of £10,000, and you can save up to £1 million. Note that only £120,000 will be eligible for FSCS protection. The expected profit will be paid on maturity, and you can open the account online.

View Deal

Union Bank of India (UK) Ltd Fixed Rate Deposit – 5.12% AER

This one-year fixed saver by Union Bank of India (UK) is offering 5.12%. 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.

thisbank Fixed-Term Savings Account – 5.1% AER

You can earn 5.1% with this fixed saver from thisbank. The account can be opened with just £100, which you'll need to add within 14 days of submitting your application. You can save up to £500,000, but only £120,000 is FSCS-protected. Interest is paid at maturity, and the account can be opened online.

Vanquis Bank 1 Year Fixed Bond – 5.08% 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.

Close Brothers Savings Fixed Rate Bond – 5.05% AER

With Close Brothers Savings, you can save between £10,000 and £2 million per account, but note that only £120,000 of the sum will be protected under the FSCS. The account can be opened online, but you can also manage it via post or over the phone. Interest is paid at maturity.

Cynergy Bank 1 Year Fixed Bond – 5.05% AER

Cynergy Bank is returning 5.05% 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 note that only £120,000 will be eligible for FSCS protection. The account can be opened and managed online.

GB Bank 1 Year Fixed Rate Bond – 5.05% AER

Earn 5.05% 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 – 5% 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.

Chetwood Bank Fixed Rate Savings Account – 5% 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.

Melton BS Fixed Rate – 4.99% AER

This savings account from the Melton Building Society is paying 4.99% for a fixed period until 24 November 2027. The minimum balance you can keep is £5,000 and you can save up to £500,000. Note that only £120,000 of the sum will be protected under the FSCS, and you can make payments into the account within 30 days from opening. The account can be opened online or in a branch.

Hodge Bank 1 Year Fixed Rate Bond – 4.95% AER

With Hodge Bank, you can fund anywhere from £1,000 to £1 million in the account, but only £120,000 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.

Atom Bank 1 Year Fixed Saver – 4.9% 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.

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.