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This comparison simply includes all savings accounts.

Milestone Savings
Fixed Rate Bond Milestone Savings
Min deposit £10000
Term 5 Years
Expected Profit Rate 2.37%

Why we like it: Interest paid annually. Open an account singly or jointly. Minimum deposit £10,000. No withdrawals permitted. Shariah compliant savings account. FSCS Protected

Masthaven Bank
Fixed Rate Bond Masthaven Bank
Min deposit £500
Term 5 Years
Interest AER 2.30%

Why we like it: 5 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 3 Years
Interest AER 2.25%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 4 Years
Interest AER 2.23%

Why we like it: 4 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

Axis Bank
Fixed Rate Bond Axis Bank
Min deposit £1000
Term 3 Years
Interest AER 2.16%

Why we like it: Interest can be paid monthly, quarterly or at maturity - Minimum deposit £1,000 - Maximum deposit £200,000 - No withdrawals permitted - FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 2.05%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Masthaven Bank
Fixed Rate Bond Masthaven Bank
Min deposit £500
Term 2 Years
Interest AER 2.00%

Why we like it: 2 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 30 Months
Interest AER 1.85%

Why we like it: 30 month term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 2 Years
Gross AER 1.85%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 1.80%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 1 Year
Gross AER 1.70%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 18 Months
Interest AER 1.70%

Why we like it: 18 month term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

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Is an AA fixed rate bond right for you?

Fixed rate bonds let you earn a guaranteed level of interest on your savings in exchange for locking your money away for the term of the bond. For smaller sums, it is usually better to keep your money in a current account as these generally offer better rates of interest, but only up to a certain deposit limit.

For example, TSB at the moment are offering 5% AER on their TSB current account for balances up to £2,000, while Santander pay 1.5% AER up to a limit of £20,000. If your savings are above this interest-paying limit, however, moving the balance into one or more fixed rate bonds can be a smart choice.

Fixed rate bonds will generally have a much higher maximum threshold on which they pay interest and can be set up in parallel with your current account, so should not affect your day-to-day banking.

Commonly, fixed term bonds will run for 1 year, 2 years, 3 years or 5 years and the longer the bond runs for, the higher the interest rate it will usually pay. You may have the option to withdraw funds early if necessary, but will usually have to sacrifice some of your interest payments in exchange.

If you have savings which are not currently earning interest, it is worth bearing in mind that they are likely to be decreasing in real world value due to the effects of inflation. Placing your savings in a fixed rate bond can help protect (and usually increases) the value of your money.

Compare AA fixed rate bonds

The AA offer a number of different savings accounts which are deposited with the Bank of Ireland UK. As an alternative to fixed rate bonds, they are currently offering their customers fixed rate ISA which also offer a guaranteed interest rate in exchange for not being able to access your money for a fixed term.

ISAs differ from fixed rate bonds in that the interest you earn from them is tax-free, up to a yearly limit set by the government. For 2016/17 that limit is £15,240. This can make an ISA an attractive option to use for at least part of your savings. Find out more about ISAs here.

Getting the best deal on fixed rate bonds

Exactly which products different institutions provide changes all the time, as well as the interest rates and other features offered with those products. This is a reflection of the ever-changing market and consumer demand.

Our comparison table at the top of the page is regularly updated with all the latest and best deals on fixed rate bonds. This makes it easy to keep track of where you can get the best value for your money right now.

Before investing in a fixed rate bond, make sure you carefully assess your own financial circumstances and the level of return you would like to receive. This should make it much more likely that you will find a product that you are happy with long term.

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

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