The best one-year fixed savings accounts, January 2025 – earn up to 4.77%

If you’re looking for the best savings account and are happy to fix your savings for a year, you can now earn up to 4.77% interest.

• The best one-year fixed deal is 4.77% AER with Vida Savings.

These accounts, also known as fixed-rate bonds, tend to offer better rates than easy-access savings accounts, which are ideal for anyone hoping to gain some interest on short-term savings.

Although the best easy-access accounts are returning up to 5%, there are restrictions. So, it's worth weighing up which account suits your savings needs better.

One-year fixed savings accounts

Best 1 year fixed rate

Vida Savings 1 Year Fixed Rate Bond – 4.77% AER

Vida Homeloans recently obtained a full banking licence and opened its first savings product – a one-year fixed saver, with a top rate of 4.77% AER.

With this saver, you can make unlimited deposits from anywhere between £100 to £85,000 in the first 21 days. The account can be opened online and you also can manage it by email or in writing.

You must make all deposits within 14 days of opening the saver. You can open the account online, and interest is paid annually on maturity.

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SmartSave 1 Year Fixed Saver – 4.76% AER

To open this one-year fixed saver, you will need at least £10,000, and you can save up to £85,000. The funds must be deposited within 14 days of opening this fixed saver.

Interest is paid annually. The account can be opened online.

Close Brothers Savings 1 Year Fixed Rate Bond – 4.75% AER

This fixed saver requires a minimum deposit of £10,000 and you can save up to £2million. But only up to £85,000 is protected by the FSCS.

Any transfers can be made within 10 calendar days of opening this saver. The account can be opened online and managed online, post, or over the phone. Interest is paid at maturity.

GB Bank 1 Year Fixed Rate Bond – 4.75% AER

You can open this account with £1,000, and save up to £100,000. Keep in mind that only £85,000 of your money is eligible for FSCS protection. You have 21 calendar days from the date of opening your account to deposit funds.

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

Habib Bank Zurich plc HBZ Fixed Rate eDeposit Account – 4.75% AER

Habib Bank Zurich is a Swiss multinational bank offering a fixed rate saver of 4.75% AER. You can start saving from £5,000 and go up to £1 million.

Interest is paid on maturity, and the account can be opened online and managed over the phone or by post.

Oxbury Bank Personal 1 Year Bond Account – 4.7% AER

Earn 4.7% 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.

Kent Reliance 1 Year Fixed - 4.68% AER

You'll need a minimum of £1,000 to open this account, and you can save up to £1million. But only up to £85,000 of your money is protected by the FSCS.

Interest is paid annually. You can open the account online or in branch.

Charter Savings Bank 1 Year Fixed Rate Bond – 4.66% AER

Charter Savings Bank is returning 4.56% AER when you fix your money for a year. The difference with this account is, interest is paid monthly. You can save up to £1million – but only £85,000 is protected by the FSCS.

The account requires a minimum deposit of £5,000. You can open and manage your savings account online.

Tandem Bank 1 Year Fixed Saver – 4.65% AER

Open this account with just £1 and save up to £2.5 million. However, only £85,000 of your amount will be protected under the FSCS.

Any deposits need to be made in the first 14 calendar days from opening the account. The saver can be opened and managed online.

Zopa 1 Year Fixed Term Savings – 4.65% AER

This fixed saver requires a minimum deposit of £1,000 and you can save up to £250,000, with FSCS protection on up to £85,000. You can top up your savings as many times for 14 days before your term starts.

The account can be opened and managed online. Interest is paid at maturity.

Aldermore 1 year fixed rate savings account - 4.6% AER

With this Aldermore one-year fixed saver, you can start saving from £1,000 and save a maximum amount of £1million. Though it's worth noting that £85,000 of your amount will be protected under the FSCS, not the entire sum.

You must make all deposits within 14 days of opening the saver. You can open the account online, and interest is paid annually on maturity.

Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit – 4.6% AER

This account is ideal if you have a big amount to save, as you can deposit up to £2million. Start saving with £1,000. Interest is paid annually when your account matures. You must make any deposits within the first 14 days, and the account can be opened online.

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.