The best one-year fixed savings accounts – earn up to 4.56%

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.

However, with the Bank of England cutting interest rates to 4%, fewer fixed-term bonds can now beat inflation, according to Moneyfacts.

If you're looking to lock in your savings for a year, you can still earn up to 4.56% 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 4.56% AER with Al Rayan Bank via Prosper.

One-year fixed savings accounts

Best 1 year fixed rate

Al Rayan Bank Prosper 1 Year Fixed Term Deposit – 4.56% AER

You can open this fixed saver directly through Prosper, a savings provider. It gives you a 0.31% boost on top of the 4.25% interest rate, a week after maturity, into your nominated bank account. To open the account, you will need to add funds to your Prosper wallet – a minimum balance of £1,000 and up to £1 million. However, only £85,000 of your deposit will be eligible for FSCS protection. The account can be opened online through Prosper, and interest is paid at maturity.

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LHV Bank 1 Year Fixed Rate Bond – 4.46% AER

You can earn 4.46% if you deposit between £1,000 and £1 million. 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.

DF Capital 1 Year Fixed Rate Deposit – 4.41% AER

This account by DF Capital pays 4.41% interest on your savings if you deposit between £1,000 and £250,000 in your account within 14 days. Only £85,000 is eligible for FSCS protection. The account can be opened online, and interest is paid on maturity.

JN Bank 1 Year Fixed Savings Account – 4.41% AER

This one-year fixed is offering 4.41% 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.

Castle Community Bank Fixed Rate Savings – 4.4% AER

This one-year fixed account is offering 4.4% 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.

MBNA Fixed Saver 1 Year – 4.36% AER

You will need to pay a minimum deposit of £1,000 to open this account. The maximum amount is £750,000. Only a maximum of £85,000 will be protected by the FSCS. You can add more money into the account for 14days after it is opened, and interest is paid on maturity. You can open the account online and manage it by telephone.

Afin Bank 1-Year Fixed Term – 4.35% AER

This digital bank is offering a 4.35% fixed rate on its savings account. The minimum deposit requirement is £1,000, and you can save up to £200,000 (but only £85,000 will be FSCS-protected). The account can be opened online. Interest is paid at maturity.

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.

Vanquis Bank 1 Year Fixed Bond – 4.35% 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.

Ziraat Bank Raisin UK – 1 Year Fixed Term Deposit – 4.35% AER

Earn 4.35% 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 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.