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This comparison simply includes all savings accounts.

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 5 Years
Interest AER 2.35%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 3 Years
Interest AER 2.20%

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

Axis Bank
Fixed Rate Bond Axis Bank
Min deposit £1000
Term 5 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

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

Vanquis
Fixed Rate Bond Vanquis
Min deposit £1000
Term 4 Years
Interest AER 2.10%

Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 2.00%

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

Wyelands Bank
Fixed Rate Bond Wyelands Bank
Min deposit £5000
Term 2 Years
Interest AER 2.00%

Why we like it: Save from £5,000. No withdrawals during the term. 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

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 1.85%

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

Wyelands Bank
Fixed Rate Bond Wyelands Bank
Min deposit £5000
Term 1 Year
Interest AER 1.83%

Why we like it: Save from £5,000. No withdrawals during the term. FSCS Protected

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

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 9 Months
Interest AER 1.30%

Why we like it: 9 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 a Masthaven Bank fixed rate bond right for you?

Masthaven have been around since 2004 but became a bank in 2016 when they were awarded a banking licence. They offer a variety of ways to save and borrow, including fixed rate bonds.

Fixed rate bonds offer guaranteed rates of interest in exchange for locking your money away for a set period. They are usually offered with terms of 1 year, 2 years, 3 years or 5 years. In general, the longer the bond term, the higher interest rate you will receive.

You can often deposit much larger sums into a fixed rate bond than you can into some other kinds of accounts. This makes them potentially a useful way of ensuring that you are receiving a return on the whole of your savings. However, other options can sometimes offer a better return on smaller sums.

For example, right now TSB pay 5% AER on their TSB current account for balances up to £2,000, while Santander give 1.5% AER up to a limit of £20,000. However, if you exceed the interest-paying limit you will earn nothing on the excess balance, making a fixed rate bond an attractive option.

One reason fixed rate bonds are popular is because they can help your savings retain their real world value over time. If you are not earning interest, the effects of inflation can erode the buying power of your savings as prices go up but your savings don’t.

Fixed rate bonds can easily be set up in parallel to your current account, allowing you to earn the best available rates on all of your savings without disrupting your day-to-day banking.

Compare Masthaven Bank fixed rate bonds

You can save from £500-£250,000 in a Masthaven fixed rate bond, however you can have multiple accounts up to a combined total of £1,000,000. It is important to note that you cannot remove funds early, so you must be confident you will not need the money you deposit until the bond term ends.

One popular alternative to a fixed rate bond that is worth considering is an Individual Savings Account (ISA). ISAs can either offer variable rates or fixed rates, but with the added advantage that you will not need to pay tax on the interest you earn on deposits up to a yearly allowance set by the government. This is £15,240 for the 2016/17 tax year and will rise to £20,000 for the following tax year.

Find out more about ISAs here.

Getting the best deal on fixed rate bonds

With so many providers to choose from, it can be hard to know which offers the best value to you. This is especially true since the interest rates offered on different savings products vary all the time in response to the market and consumer demand.

The fixed rate bond comparison table, located at the top of this page, allows you to quickly contrast our favourite deals from across the market, helping you to find the best deals available right now. That way you can make a more informed decision with minimal fuss and stress.

Latest news

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

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