This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 1.33%

Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must be UK resident, have a UK address and be aged 18 or older. No withdrawals permitted. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 1 Year
Interest AER 1.23%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

QIB UK Bank
Fixed Rate Bond QIB UK Bank
Min deposit £1000
Term 2 Years
Interest AER 1.50%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

Charter Savings Bank
Fixed Rate Bond Charter Savings Bank
Min deposit £1000
Term 2 Years
Interest AER 1.41%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

QIB UK Bank
Fixed Rate Bond QIB UK Bank
Min deposit £1000
Term 3 Years
Interest AER 1.77%

Why we like it: Market leading 3 year fixed rate bond. Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

IS Bank
Fixed Rate Bond IS Bank
Min deposit £1000
Term 3 Years
Interest AER 1.75%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

IS Bank
Fixed Rate Bond IS Bank
Min deposit £1000
Term 4 Years
Interest AER 1.50%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 4 Years
Interest AER 1.45%

Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected

QIB UK Bank
Fixed Rate Bond QIB UK Bank
Min deposit £1000
Term 5 Years
Interest AER 2.00%

Why we like it: Market leading 5 year fixed rate bond. Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

IS Bank
Fixed Rate Bond IS Bank
Min deposit £1000
Term 5 Years
Interest AER 1.58%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a cash bonus. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

Due to the record low interest rates offered in the majority of savings accounts, more and more people are forced to consider locking up their savings for longer periods of time to receive higher interest.

Fixed rate bonds offer higher interest rates in exchange for tying up savings for a longer period of time. Typically, the term of a fixed rate bond can vary from  1 year2 years3 years or 5 years. As a general rule, longer fixed rate bonds offer the highest interest.

Personal Savings Allowance

A concern for many, looking to receive a significant amount of interest on their savings, is the amount of tax they may have to pay on the interest they receive.

In April 2016 a new Personal Savings Allowance was introduced, which meant that basic rate tax payers receive their first £1,000 on their savings tax free and high rate taxpayers can receive their first £500 of interest tax free.

Therefore, if you are unlikely to earn more than £1,000 in interest, you will be able to explore the many fixed rate bonds on the market and not have to worry about paying tax on your interest.

Cash ISAs

If your savings will earn more than £1,000 in interest over the course of a year, it may be prudent to consider putting your savings into a cash ISA.

Cash ISAs allow you to earn tax-free interest up to a certain yearly limit. The 2017/2018 tax year limit is £20,000. This may be an attractive prospect if you have a large amount of savings and are likely to earn a significant amount of interest on your savings.

It should be noted that cash ISAs do not always have the highest interest rate, however the prospect of tax-free interest may make up for the lower rate.  

Latest news

Top 3 picks for current accounts in 2021

Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers. Read More »

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us

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

We've been comparing savings and current accounts for many years so you can trust you're in good hands.