Best Fixed Rate Bonds in the UK in 2024

2 min Read Published: 22 Mar 2024

What is a fixed-rate savings bond

A fixed-rate savings bond (also known as a 'fixed rate bond)' is a type of savings account which provides a guaranteed rate of interest in exchange for locking your money away for a specified period of time, usually between 1 year and 5 years. By locking your money away for the agreed period of time you can usually earn a higher rate of interest than via standard savings accounts. However, bear in mind that in most instances you won't be able to withdraw your money from the fixed rate bond before the agreed time period. In the unusual instance that a provider does allow you to withdraw your money early, then you will likely incur a penalty and/or lose interest. If you don't want to lock your money away for an extended period of time but do want to use fixed rate bonds to boost the amount of interest that you earn then you could consider using a cash savings ladder approach.

Best Fixed Rate Bonds

SavingsChampion.co.uk monitors the whole UK savings market (that's over 4,000 accounts) to bring together the best buys available.

Best 1-year fixed-rate savings accounts

Provider Account Name AER Minimum opening balance How to manage the account How to apply
Financial services compensation scheme
Oxbury Personal 1 Year Bond Account (Issue 34) 5.26% £1,000 Mobile Banking, Online Online

Own Licence

Close Brothers 1 Year Fixed Rate Bond 5.26% £10,000 Online, Telephone Online

Own Licence

Smart Save 1 Year Fixed Rate Saver 5.23% £10,000 Online Online Own Licence

Source: SavingsChampion.co.uk: Updated 22/03/2024 

Best 2-year fixed-rate savings accounts

Provider Account Name AER Minimum opening balance How to manage the account How to apply
Financial services compensation scheme
Oxbury  Personal 2 Year Bond Account - Issue 23 5.11% £1,000 Mobile Banking, Online Online Own Licence
HTB 2 Year Bond (Issue 86) 5.06% £1 Online Online Own Licence
Close Brothers 2 Year Fixed Rate Bond 5.05% £10,000

Online, Telephone

Online
Own Licence

Source: SavingsChampion.co.uk: Updated 22/03/2024 

Best 3-year fixed-rate savings accounts

Provider Account Name AER Minimum opening balance How to manage the account How to apply
Financial services compensation scheme
Skipton Building Society 30 Month Fixed Rate Bond Issue 242 4.75% £5,000 Branch, Online, Post, Telephone Branch, Online, Post, Telephone Own Licence
Oxbury  Personal 3 Year Bond Account - Issue 10

4.66%

£1,000

Mobile Banking, Online

Online

Own Licence

HTB  3 Year Bond (Issue 64)

4.65%

£1

Online

Online
Own Licence

Source: SavingsChampion.co.uk: Updated 22/03/2024 

Best 4-year fixed-rate savings accounts

Provider Account Name AER Minimum opening balance How to manage the account How to apply
Financial services compensation scheme
Raisin 4 Year Fixed Term Deposit - Isbank 4.50% £1,000 Online Online Own Licence
Oxbury Personal 4 Year Bond Account - Issue 6

4.31%

£1,000 Mobile Banking, Online Online Own Licence
ZOPA 4 years Fixed Term Savings 4.30% £1,000 Online Online Own Licence

Source: SavingsChampion.co.uk: Updated 22/03/2024 

Best 5-year fixed-rate savings accounts

Provider Account Name AER Minimum opening balance How to manage the account How to apply
Financial services compensation scheme
Close Brothers 5 Year Fixed Rate Bond 4.55% £10,000 Online, Telephone Online Own Licence
HTB  5 Year Bond - Issue 36

4.54%

£1
Online Online

Own Licence

Shawbrook 5 Year Fixed Rate Bond Issue 48

4.53%

£1,000
Email, Online, Telephone Online

Own Licence

Source: SavingsChampion.co.uk: Updated 22/03/2024 

Other best buy savings tables

The following savings best buy tables are also available:

Two ways to always ensure you get the best savings rate

  1. Bookmark this page and regularly check our best buy tables, such as the one below.
  2. You can also sign up to the FREE rate tracker email alert which will monitor savings account rates for you. You simply enter your email address and the names of the savings accounts you currently have. Then, not only will the system tell you if you are getting a good deal, but it will continuously monitor the market for you and email you when there are better deals out there than your existing account. When using the tool make sure you enter the correct balance for each of your accounts as some deals out there offer tiered rates - whereby the interest rate paid is dependent on your account balance.