All the financial institutions we feature are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust.
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. There are currently 1,224 savings accounts on the market that beat inflation, of which 623 are fixed-rate bonds.
If you're looking to lock in your savings for a year, you can still earn up to 4.46% 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 4.46% AER with Monument Bank.
One-year fixed savings accounts
DF Capital 1 Year Fixed Rate Deposit – 4.45% 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.
Vanquis Bank 1 Year Fixed Bond – 4.42% 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.
GB Bank 1 Year Fixed Rate Bond – 4.4% AER
Earn 4.4% 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 – 4.38% AER
This one-year fixed is offering 4.38% 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.
Ziraat Bank Raisin UK – 1 Year Fixed Term Deposit – 4.37% AER
Earn 4.37% 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.
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.
Union Bank of India (UK) Ltd Fixed Rate Deposit - 4.35% AER
This one year fixed saver by Union Bank of India (UK) is offering 4.35% and you can start saving with £1,000. You can deposit a maximum of £1 million. Interest is paid annually when your account matures and you can open the saver in branch or by post.
QIB (UK) Raisin UK - 1 Year Fixed Term Deposit – 4.3% AER
You can earn a top rate of 4.3% with QIB — but you need to sign up via Raisin to get this rate. You can save between £1,000 and £85,000. Interest is paid on maturity. The account can be opened online.
Chetwood Bank Fixed Rate Savings Account – 4.25% 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.
Conister Bank 1 Year Fixed Rate – 4.25% AER
You can open this fixed savings account by depositing between £5,000 and £100,000. It's worth noting that only £85,000 of your amount will be protected under the FSCS, not the entire sum. The account can be opened online, and interest is paid annually.
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.
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