The best one-year fixed savings accounts, June 2024 – earn up to 5.2%

Earn up to 5.2% on one-year fixed savings accounts. We have all the best deals available now

Fixed savings accounts shown by 3D abstract background of piggy bank
(Image credit: Eugene Mymrin)
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. 

If you’re looking for the best savings account and are happy to fix your savings for a year, you can now earn up to 5.2% interest. Over 600 fixed-rate bonds are offering inflation-busting savings for you to choose from.

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 also 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

Al Rayan Bank 1 Year Fixed Saver – 5.2%
Best 1 year fixed ...

Al Rayan Bank 1 Year Fixed Saver – 5.2%

This Sharia-compliant bank is offering an expected profit rate of 5.2% on savings. Profit can be taken quarterly or reinvested.

You must deposit at least £5,000 and you can save up to £1million. You can open this account online or by phone.

National Bank of Egypt one-year fixed saver – 5.18% AER

Earn 5.18% with this account and save up to £85,000. Interest is paid after one year when the account matures.  

The saver requires a minimum deposit of £10,000. You will need to open the account via the Raisin platform. 

SmartSave 1 Year Fixed Rate Saver  5.16% AER 

Open this fixed saver with SmartSave and earn 5.16%. You can save up to £85,000 and interest is paid at maturity.

You need to open the account with £10,000. All deposits must be made within the first 14 days of opening the account and the saver can be opened online. 

Atom Bank 1 Year Fixed Saver – 5.15% AER

Earn 5.15% on up to £100,000 with this fixed savings account. But note, only £85,000 is protected by the FSCS. Interest will be paid at maturity.

Open the saver with just £50. Your deposit window is a week from the day you open the account and you can open and manage your account on the Atom Bank app.  

Charter Savings Bank 1 Year Fixed Rate Bond – 5.13% AER

Charter Savings Bank is returning 5.13% AER when you fix your money for a year. The difference with this account is, interest is paid monthly. You can save up to £1million – but only £85,000 is protected by the FSCS. 

The account requires a minimum deposit of £5,000. You can open and manage your savings account online.

Tandem Bank 1 Year Fixed Saver 5.12% AER

Tandem Bank’s savings account pays 5.12% interest. You can open the account with just £1 and save up to £2.5million. However, only £85,000 of your amount will be protected under the FSCS.

Any deposits need to be made in the first 14 calendar days from opening the account. The saver can be opened and managed online.

Hodge Bank 1 Year Fixed Rate Bond – 5.11% AER

Hodge Bank is another provider that has upped the rate on its fixed saver – from 5.04% to 5.09% AER. You can fund up to £1million in the account, but only £85,000 is protected by the FSCS. Interest is paid on maturity. 

Open the saver with £1,000. You have up to 14 working days to transfer any funds into the account. Open the saver online. 

MBNA Fixed Saver 1 Year 5.1% AER

Credit card provider, MBNA is offering 5.1% on its one-year fixed saver. You can save up to £750,000, but only up to £85,000 is protected by the FSCS. Interest is paid at maturity.

You need at least £1,000 to open the saver. You have a 14-day window to fund your account. Open and manage the saver online. 

Stream Bank 1 Year Fixed Account 5.05% AER

You can save up to £100,000 in Stream Bank's one-year fixed saver. Interest is paid after one year. 

Open the account with a minimum of £1,000. 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. 

Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit 5.05% AER

This account is ideal if you have a big amount to save, as you can deposit up to £2million. Interest is paid annually when your account matures. 

Start saving with £1,000. You must make any deposits within the first 14 days, and the account can be opened online. You can manage your account over the phone, via email or by post. 

Atom Bank 1 Year Fixed Saver 5.05% AER

This one-year fixed saver can be opened with just £50 and you can save up to £100,000. But only £85,000 of your deposit money will be eligible for FSCS protection.

Your deposit window is a week from the day you open the account. Interest will be paid at maturity. You can open and manage your account on the Atom app.  

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 rates are almost always guaranteed (except for Shariah-compliant accounts) so you know exactly what you’re going to get. 

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 Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

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