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
|
|
| Union Bank of India | Fixed Rate Deposit - 1 Year | 5.40% | £1,000 | Branch, Email, Post | Branch, Post | Own Licence | |
| Raisin | 1 Year Fixed Term Deposit (provided by GB Bank) | 5.26% | £1,000 | Online | Online | Own Licence | |
| Flagstone | 12-Month Fixed Term Deposit (provided by Mizrahi Tefahot Bank Ltd) | 5.25% | £10,000 | Online | Online | Own Licence |
Source: SavingsChampion.co.uk: Updated 26/07/2024
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
|
|
| The Access Bank UK | Sensible Savings - 2 Year Fixed Rate Bond | 5.06% | £5,000 | Online, Post | Online, Post | Own Licence | |
| United Trust Bank | 15 Month Bond | 5.05% | £5,000 | Email, Online, Post, Telephone | Online | Own Licence | |
| Cynergy Bank | 15 Months Fixed Rate Bond | 5.00% | £1,000 | Online, Telephone | Online | Own Licence |
Source: SavingsChampion.co.uk: Updated 26/07/2024
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
|
| The Access Bank UK | Sensible Savings - 3 Year Fixed Rate Bond | 4.81% | £5,000 | Online, Post | Online, Post | Own Licence |
| Raisin | 3 Year Fixed Term Deposit (Provided by GB Bank) | 4.78% | £1,000 | Online | Online | Own Licence |
| Raisin | 3 Year Fixed Term Deposit (Provided by RCI Bank) | 4.76% | £1,000 | Online | Online | Own Licence |
Source: SavingsChampion.co.uk: Updated 26/07/2024
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
|
| United Trust Bank | 4 Year Bond (Online Only) |
4.35% |
£5,000 | Email, Online, Post, Telephone |
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 26/07/2024
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
|
|
| Raisin | 60 Month Fixed Term Deposit (Provided by GB Bank) | 4.58% | £1,000 |
Online |
Online
|
Own Licence | |
| Shawbrook | 5 Year Fixed Rate Bond Issue 49 | 4.57% | £1,000 |
Email, Online, Telephone |
Online
|
Own Licence | |
| HTB | 5 Year Bond (Issue 37) | 4.55% | £1 |
Online |
Online
|
Shared Licence |
Source: SavingsChampion.co.uk: Updated 26/07/2024
Other best buy savings tables
The following savings best buy tables are also available:
- High Interest Current Accounts
- Easy Access
- Variable Rate ISAs
- Fixed Rate ISAs
- Notice Accounts
- Regular Savings
- Children’s Accounts
- Cash Lifetime ISAs
- Cash Junior ISAs
- Easy Access Cash ISAs
- Notice Cash ISAs
Two ways to always ensure you get the best savings rate
- Bookmark this page and regularly check our best buy tables, such as the one below.
- 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.
