Guide to fixed-rate bonds
Banks and building societies want you to invest your cash in their savings accounts, which is why they pay you interest.
With a fixed rate savings account, you get a higher rate of interest, but you can’t make withdrawals as you go along. Your money has to stay in the account until the end of your chosen term. So make sure this suits your lifestyle and financial set up. Meanwhile, there are one-year fixed-rate accounts paying more than 1% that offer a monthly interest option. Aldermore Bank’s One-Year Fixed-Rate Savings Account pays 1.25% monthly interest. Fixed term savings may offer higher rates if you don’t need to access your money. Find out more about our long term savings accounts. Closure charges apply.
But with a normal, easy-access account the bank or building society doesn't have any security - you can withdraw your money whenever you like.
That's why they're happy to pay a little bit more to savers using fixed-rate bonds.
These are accounts where you agree in advance not to touch your cash for a set time, typically between six months and five years.
In return for your money for a guaranteed time, the account provider guarantees you a fixed rate of interest.
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Best Fixed Rate Savings Accounts Monthly Interest
That means that, whether rates fall or rise elsewhere, you'll continue to get the amount you agreed.
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Best Fixed Term Savings
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