The best one-year fixed savings accounts – earn up to 4.5%

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 period of time.

The leading one-year fixed bond saw its smallest drop in six months, according to Moneyfacts. But with the Bank of England cutting interest rates in August, rates on savings accounts could fall further.

So, if you're happy to lock in your savings for a year, you can still earn up to 4.5% interest, which beats inflation. We list the best accounts on the market now.

• The best one-year fixed deal is 4.5% AER with LHV Bank.

One-year fixed savings accounts

Best 1 year fixed rate

LHV Bank 1 Year Fixed Rate Bond – 4.5% AER

You can earn 4.5% interest if you deposit between £1,000 and £1,000,000. Only £85,000 of your amount will be eligible for FSCS protection. You can't add any more money after opening the account.

It can be managed via the app, and interest is paid at maturity.

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Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit - 4.47% AER

You can open this account with £1,000, and save up to £2 million. Keep in mind that only £85,000 of your money is eligible for FSCS protection. Once you open the account, you are not able to add any additional funds.

The account can be opened online, and managed by post. Interest is paid on maturity.

Vanquis Bank 1 Year Fixed Bond – 4.44% AER

Open this fixed 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 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 – 4.42% 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.

StreamBank Fixed Rate Account – 4.41% AER

You can earn 4.41% AER with Stream Bank if you open the saver with £1,000. You can save up to £100,000, but you’re only eligible for FSCS protection for up to £85,000 of your deposit.

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

Close Brothers Savings Fixed Rate Bond – 4.4% 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.

Tandem Bank 1 Year Fixed Saver – 4.36% AER

With Tandem, you can open a saver from this saver with just £1, and save up to £2.5 million. Note that only £85,000 is eligible for FSCS protection.

You have 14 days from opening your account to fund any money in the saver. Interest is paid annually on maturity, and this account can be opened online.

Cynergy Bank 1 Year Fixed Bond – 4.35% AER

Cynergy Bank is returning 4.35% 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 the account can be opened and managed online.

Ford Money Fixed Saver 1 Year - 4.35% AER

This easy-access account pays 4.35% interest on its fixed saver. You can open this account with a £500 deposit and save up to £2 million, while up to £85,000 of your savings will be protected under the FSCS.

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

GB Bank 1 Year Fixed Rate Bond – 4.35% AER

Earn 4.35% 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.

JN Bank 1 Year Fixed Savings Account - 4.35% AER

This one year fixed is offering 4.35% AER, and you can start saving in the account with just £100. You can deposit a maximum of £500,000.

Interest is paid when your account matures, and you can open the saver 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.