Fixed savings accounts with a one-year term can yield up to 4 percent
Now, we have located all of the best offers.
Disclaimer: The Financial Services Compensation Scheme (FSCS) protects all of the financial institutions we list, so in the event that a bank fails, you can keep up to 85,000 of your savings.
In exchange for the money being locked away, fixed savings accountsalso referred to as fixed-rate bondstypically offer higher rates than easy-access savings accounts. Anyone looking to earn interest on their savings at a rate that is guaranteed for a certain amount of time may find these accounts to be perfect.
You can still earn up to 4 percent interest if you're willing to fix your savings for a year, even though interest rates have decreased since their peak in 2023.
One-year fixed savings accounts have a short shelf life; many are only available for 33 days, according to Moneyfactscompare . co . uk. The best one-year fixed deal is 4.67 percent with SmartSave Flagstone. Many savings rates are being lowered to reflect the lower base rate since the Bank of England lowered interest rates earlier this month.
The 1 year fixed rate for the SmartSave Flagstone 1-year fixed term deposit is 4.67 percent AER, which is the best fixed rate available.
The market's best returns are currently offered by this one-year fixed saver. After you put your money away for a full year, you can earn interest at a rate of 4.67%.
You are able to deposit a minimum of 10,000 and a maximum of 1 million into this account. The account can be opened and managed online, and interest is paid when the account matures.
Check out the ICICI Bank UK SuperSaver Bond offer, which is 4point 65 percent AER.
This fixed saver has no maximum and a £1,000 minimum deposit requirement. The FSCS only protects up to 85,000. You are unable to make any additional deposits into the account after it is opened.
You can open and manage the account in person or online. Interest is paid when the loan matures.
The Co-operative Bank offers a one-year fixed-term deposit with an annual percentage rate of 4.62 percent.
The AER offered by this saver is fixed at 4 points 62 percent. A minimum of £1,000 and a maximum of £1 million can be used to open the account.
You have 14 days from the time you open the account to make additional additions. The account can be opened online, and interest is paid when it matures.
One-year fixed rate saver SmartSave with an AER of 4:61 percent.
Using this fixed saver, you can make 40.61%. A 10,000 initial deposit can be used to open the account, and you have 14 days to make additional payments. This account has a maximum investment limit of £85,000.
Interest is paid on account maturity, and the account can be opened online.
An AER of 4 percent is offered by the Secure Trust Bank's 1-year fixed rate bond.
A minimum of £1,000 is required to open this one-year fixed saver, which has a maximum savings of £1 million. Up to 30 days following the account's opening, you are able to make additional deposits.
An annual interest payment is made. You can open the account online and manage it in person or online.
Fixed-term deposit for one year at Zenith Bank (UK) Ltd., 4 % AER.
With just £1,000, you can open this account and save up to £2 million. Remind yourself that only 85,000 of your funds are covered by FSCS. You are unable to add more money to the account after it is opened.
Online account opening and postal management are both possible. After maturity, interest is paid.
4 points 58 percent AER is the rate on the Close Brothers Savings 1-year fixed rate bond.
You can save up to £2 million with this fixed saver, which requires a £10,000 minimum deposit. Under the FSCS scheme, only up to 85,000 will be protected.
The account can be opened online and managed via phone, mail, or online. Every year, interest is paid.
One-year MBNA Fixed Saver: 4:57 percent AER.
To open this account, you must make a £1,000 minimum deposit. 750,000 is the maximum amount. Additionally, the FSCS will only protect up to 85,000.
For 14 years after the account is opened and interest is paid at maturity, you can make additional deposits. You can use the phone to manage the account and open it online.
AER for a one-year fixed-term deposit at The Co-operative Bank is 4.56 percent.
The fixed rate of 4.56 percent AER is offered by this saver. A minimum of 1,000 and a maximum of 1 million can be used to open the account.
The account can be opened online or in person, and interest is paid when the account matures. After opening the account, you have 14 days to add more money.
AER for a one-year fixed rate bond issued by Hodge Bank is 4.55 percent.
Although you can deposit anywhere between £1,000 and £1 million into your account with Hodge Bank, only £85,000 of that amount is covered by the FSCS.
The maximum amount of time you have to move money into the account is 14 working days. On maturity, interest is paid, and the saver can be accessed online.
For me, is a fixed savings account appropriate?
Two-year or five-year fixed-rate accounts are options if you're willing to keep your money locked away for a longer period of time; they may offer a higher interest rate.
"Investing, however, offers you a better growth potential if you're looking to save for five years or longer because you can take advantage of compound interest, which increases your chances of beating inflation and growing your money. Kaylie Pferten, senior digital editor at the BFIA and author of Invest Now, notes that investing is not risk-free and that it may take some time for your money to grow. After a certain amount of time has passed, you will need to open a new account with the same bank or another one. Additionally, it is important to remember that if you fix an account and interest rates rise, you will be locked into that rate for the duration of the fixed period.
Leave a comment on: The top fixed savings accounts for a year can yield up to 467%