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. In fact, the top one-year fixed account is currently paying less than the top five-year fixed savings account.
We round up the best savings rates in a separate guide.
If you're looking to lock in your savings for a year, you can still earn up to 4.45% interest. We list the best accounts on the market below.
- The best one-year fixed deal is 4.45% AER with Al Rayan Bank Prosper.
One-year fixed savings accounts
Chetwood Bank Fixed Rate Savings Account – 4.45% 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.
Tandem Bank 1 Year Fixed Saver – 4.45% 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.
Birmingham Bank 1 Year Fixed Rate Bond – 4.44% AER
Birmingham Bank is currently offering 4.44% on its fixed saver. You can save anywhere between £5,000 and £250,000. However, you’re only eligible for FSCS protection for up to £85,000 of your deposit.
Once your account is opened, you have a limited period of 14 calendar days to make deposits. The account can only be opened online. Interest is paid at maturity.
OakNorth Bank Fixed Term Savings Account – 4.44% AER
OakNorth Bank is offering a 4.44% savings rate on its 12-month fixed saver. You can deposit just £1 and save up to £500,000. However, keep in mind that the FSCS will only protect £85,000 of your deposit money.
The account needs to be funded with payments within the first 14 days. You can open the account online or on the OakNorth mobile app.
Interest will be paid at maturity.
JN Bank 1 Year Fixed Savings Account - 4.43% AER
This one year fixed is offering 4.43% 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.
Atom Bank 1 Year Fixed Saver – 4.4% 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.
Cynergy Bank 1 Year Fixed Bond – 4.4% AER
Cynergy Bank is returning 4.4% 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.
Al Rayan Bank 12 Month Fixed Term Deposit – 4.35% AER
Earn an expected profit rate of 4.35% with this one-year fixed from Sharia-compliant Al Rayan Bank. There is a minimum deposit requirement of £5,000, and you can save up to £1 million. Note that only £85,000 will be eligible for FSCS protection.
The expected profit will be paid on maturity. The account can be opened online.
DF Capital 1 Year Fixed Rate Deposit – 4.35% AER
This account by DF Capital pays 4.35% 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.
Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit - 4.35% 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.
Close Brothers Savings Fixed Rate Bond – 4.33% 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.
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.
