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Fixed rate savings accounts

Savings account interest rates are mostly variable, meaning rates change in line with the Bank of England base rate, or the savings provider’s own strategy. As a result, if you want to keep your money working well and earning a good return, you’ll need to keep monitoring the market and switching to the best savings rate you can find. There is an alternative though. Fixed interest rate savings accounts will provide you with a stable rate of interest for a set period of time, but you need to remember that you can’t withdraw your cash during the fixed term period without a penalty.

Are you looking for the best fixed rate savings account?

The best fixed rate savings deal for you depends entirely on your needs and how you use your money. One of the key considerations when comparing fixed rate savings is how long you can afford to have your cash tied up for. Most banks and building societies offer fixed rate accounts for terms between one and five years, sometimes longer. During that term the savings interest rate is fixed, and therefore your return is guaranteed. The only downside of this of course, is if the base rate rockets and banks raise their savings rates, you’ll lose out – but that’s a risk many are happy to take to secure some of the best savings rates around.

High interest fixed rate savings accounts

The top fixed interest rate savings accounts offer interest rates much higher than variable rate accounts. Over the term of the fixed rate, this can provide returns far in excess of other savings vehicles, but you need to remember your money will be locked away and if you do have to access it, a penalty is likely to apply. For this reason, some savers compromise and go for notice savings accounts or shorter term fixed rate bonds which offer a little more flexibility whilst maintaining a good return.

It always pays to do a comparison of savings accounts to get the best deal, and to remember a few key things about fixed rate savings accounts:-

Compare fixed rate savings accounts and apply online

You can use our free service to compare fixed rate savings accounts across the UK market, from all the top banks and building societies. What’s more, many fixed rate accounts offer online sign-up and online access so you don’t even have to go to a local branch to open an account or move your money around. Our comparison service also encompasses all types of savings accounts from instant access, to children’s savings accounts and everything in between.

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