The best one-year fixed savings accounts, March 2024 – earn up to 5.28%
Earn up to 5.28% on one-year fixed savings accounts. We have all the best deals available now
Disclaimer
All the banks we mention are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust. This article may contain affiliate links – when you purchase through links on our site, we may earn a commission*
If you’re looking for the best savings account and happy to lock some cash away for a year, you can now earn up to 5.28% interest with a fixed account- not bad for a year’s return.
- The best one-year fixed deal is 5.28% with SmartSave Bank.
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.
But as it stands, it's a close margin with an easy-access saver offering returns of up to 5.2%. So, it's worth weighing up which account suits your savings needs better.
One-year fixed savings accounts
<a href="https://smartsavebank.co.uk/1-year-fixed-rate-saver" data-link-merchant="smartsavebank.co.uk"" target="_blank">SmartSave 1 Year Fixed Rate Saver - 5.28% AER
This market-leading one-year fixed saver requires a minimum deposit of £10,000 and you can save up to £85,000.
All deposits must be made within the first 14 days of opening the account and it can be opened online. Interest is paid at maturity.
MBNA Fixed Saver 1 Year - 5.27% AER
To open this saver you need a minimum deposit of at least £1,000. Though you can save up to £750,000, only up to £85,000 of your amount will be eligible for FSCS protection.
You can apply for this 5.27% savings rate online and manage it over the phone. You can make any deposits within 14 calendar days of opening your account.
Interest is paid at maturity.
Stream Bank 1 Year Fixed Account - 5.25% AER
Stream Bank's one-year fixed saver can be opened with a minimum of £1,000 and you can save up to £100,000.
Your savings will be transferred into a Maturity Saver Account after one year if you don't move your funds before the term ends.
The account can be opened online. Interest is paid at maturity.
Mizrahi Tefahot Bank Flagstone 1 Year Fixed Term Deposit - 5.22% AER
This one year fixed account is offering 5.22% AER and you can start saving with £10,000.
You can deposit a maximum of £1million but only up to £85,000 of your deposit money will be protected under the FSCS.
This account is offered on Flagstone's savings platform. This means to open the saver, you will need to open and fund your Flagstone account first, and then move your cash into the one-year fixed account.
The rate is only available through Flagstone, which means that you won’t get the same deal through the bank's official website. Interest is paid annually when your account matures.
Close Brothers 1 Year Fixed Rate Bond - 5.18% AER
Open this saver with £10,000 and save up to £2million. If your balance falls below £10,000, the rate you earn drops to 1%.
Open this saver online. Interest is paid into your account annually.
Hampshire Trust Bank 1 Year Bond - 5.17% AER
This one-year fixed from Hampshire Trust is offering 5.17% AER and you can start saving from just £1. You can deposit a maximum of £250,000.
You can make unlimited deposits for the first 14 days, and the account can be opened online.
Interest is paid annually when your account matures.
Shawbrook Bank 1 Year Fixed Rate Bond - 5.16% AER
This saver requires a minimum deposit of £1,000 and you can save up to £2million. But only up to £85,000 is protected by the FSCS.
Interest is paid at maturity and you can open the account online and manage it either online or over the phone.
Hodge Bank 1 Year Fixed Rate Bond - 5.16% AER
Open the saver with a minimum of £1,000 and save up to £1million. But only £85,000 will be protected by the FSCS.
You have 14 working days to transfer your funds into the account. You can open the saver online and interest is paid annually when your account matures.
Allica Bank 12-Month Fixed Term Savings Account - 5.16% AER
Earn 5.16% with this saver and open this account with a minimum £10,000 deposit. Save up to £250,000.
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.
Investec Bank 1-Year Fixed Rate Saver - 5.15% AER
This saver requires a minimum deposit of £5,000 and you can save up to £250,000.
You must make all deposits within seven days of opening the saver. You can open the account online, and interest is paid annually on maturity.
Is a fixed savings account for me?
If you have a lump sum sitting in an account that offers a lower interest rate, you could get more for your money by moving it to a fixed-term account. The interest rate is almost always guaranteed (except for Shariah-compliant accounts) so you know exactly what you’re going to get. Also, now that rates are higher, you may as well earn something on your cash holdings if you can.
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.
Vaishali graduated in journalism from Leeds University and she has experience working with the likes of Leicester Mercury, Inews and The Week. She also comes from a marketing background, where she has done copywriting and content creation for businesses.
Currently writing about all things personal finance, Vaishali is passionate about finding the best deals around, whether it's the best credit cards or the cheapest personal loans, as well as sharing top money hacks to help people save and better manage their money.
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- Oojal DhanjalGraduate writer
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