The best one-year fixed savings accounts – earn up to 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 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% 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% AER with Investec Save.

One-year fixed savings accounts

Best 1 year fixed rate

Investec Bank 1-Year Fixed Rate Saver – 5% AER

This is currently the highest one-year fixed savings rate available on the market.

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.

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GB Bank 1 Year Fixed Rate Bond – 4.96% AER

Earn 4.96% 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.

thisbank Fixed-Term Savings Account – 4.93% AER

You can earn 4.93% 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 – 4.92% 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.

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.

OakNorth Bank Fixed Term Savings Account – 4.88% AER

OakNorth Bank is offering a 4.88% 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.

Shawbrook Bank 1 Year Fixed Rate Bond – 4.87% AER

Shawbrook Bank is offering 4.87% for savers who hold a minimum balance of £1,000 and a maximum of £2 million. Only up to £120,000 will be eligible for FSCS protection, and the account can be funded for up to 28 days after opening. You can apply for this online, and it can also be operated over the phone.

Close Brothers Savings Fixed Rate Bond – 4.85% 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.

Al Rayan Bank 12 Month Fixed Term Deposit – 4.85% AER

Earn an expected profit rate of 4.85% with this one-year fixed from Sharia-compliant Al Rayan 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.

MBNA Fixed Saver 1 Year – 4.85% AER

You will need to pay a minimum deposit of £1,000 to open this account, and the most you can save is £750,000. However, it's worth keeping in mind that only up to £120,000 will be protected by the FSCS. You have to fund the account within the first 14 days. Interest is paid on maturity. The account can be opened online and managed by telephone.

Tesco Bank Fixed Rate Saver – 4.84% AER

Tesco Bank is offering a fixed saver that pays 4.84% on balances between £2,000 and £5 million – though only £120,000 is FSCS-protected. You can make as many deposits as you'd like in the first 30 days of account opening. The account can be opened online or over the phone.

Chetwood Bank Fixed Rate Savings Account – 4.83% 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.

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.