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 4.86% interest.
- The best one-year fixed deal is 4.86% with SmartSave
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.
Although the best easy-access accounts are returning up to 5.2%, there are restrictions. So, it's worth weighing up which account suits your savings needs better.
One-year fixed savings accounts
We’ve seen savings rates drop and products pulled since the base rate announcement on 1 August. So if you see a deal that looks right for you, snap it up before it disappears.
Best 1 year fixed ...
SmartSave 1 Year Fixed Rate Saver– 4.86% AER
Open this saver with a minimum deposit of £10,000. Save up to £85,000. All deposits must be made within the first 14 days of opening the account and the saver can be opened online.interest is paid at maturity.
Atom Bank 1 Year Fixed Saver – 4.85% 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 saver.Interest is paid annually on maturity, and this account can be opened online.
Ford Money Fixed Saver 1 Year - 4.85% AER
This easy-access account pays 4.85% interest and you can open this account with a £500 deposit, and save up to £2million.Interest is paid at maturity and all your money will be protected by the FSCS. The account can be opened online.
Hampshire Trust Bank 1 Year Bond - 4.8% AER
This one-year fixed from Hampshire Trust is offering 4.8% AER and you can start saving from just £1. You can deposit a maximum of £250,000.
You can make unlimited deposits for the first 14 days, and the account can be opened online.Interest is paid annually when your account matures.
Stream Bank 1 year Fixed Account – 4.8% AER
You can earn 4.8% AER with Stream Bank. Open the saver with £1,000 and save up to £1 million. Interest is paid monthly or at maturity. Open online.
Zenith Bank (UK) Ltd 1 Year Fixed Term Deposit–4.8% AER
This account is ideal if you have a big amount to save, as you can deposit up to £2million. Start saving with £1,000. Interest is paid annually when your account matures.You must make any deposits within the first 14 days, and the account can be opened online.
Close Brothers 1 Year Fixed Saver – 4.8% AER
This saver requires a minimum deposit of £10,000 and you can save up to £5 million. Interest is calculated daily and paid at maturity. Open this saver online.
Cynergy Bank 1 Year Fixed Bond- 4.75% AER
Cynergy Bank is returning 4.75% AER and you can start saving with a minimum £1,000. You have a 14-day window to make any deposits. Save up to £1million.This saver can be opened and managed online.
Beehive Money One Year Bond Issue - 4.61% AER
Beehive Money is owned by Nottingham Building Society. Beehive’s one-year fixed saver can be opened with a minimum of £1,500 and you can save up to £250,000.
But only £85,000 is protected under the FSCS scheme. The account can be opened online. Interest is paid at maturity.
My Community Bank 1 Year Fixed Rate Savings – 4.5% AER
This account lets you deposit anywhere between £1,000 and £85,000. To be eligible for the top rate, you will need to be a member of the My Community Credit Union.
Your deposit must be made within seven days of opening the fixed saver, and your account can be opened online. Interest is paid at maturity.
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.
