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This comparison simply includes all savings accounts.

Hampshire Trust Bank
Fixed Rate Bond Hampshire Trust Bank
Min deposit £1
Term 6 Months
Interest AER 5.18%

Why we like it: MARKET LEADING 6 MONTH FIXED RATE BOND. Interest paid at maturity. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted

Hampshire Trust Bank
Fixed Rate Bond Hampshire Trust Bank
Min deposit £1
Term 9 Months
Interest AER 5.06%

Why we like it: MARKET LEADING 9 MONTH FIXED RATE BOND. Interest paid at maturity. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 1 Year
Interest AER 5.11%

Why we like it: MARKET LEADING 1 YEAR FIXED RATE BOND. 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 5.00%

Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 18 Months
Interest AER 4.70%

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

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 2 Years
Interest AER 4.90%

Why we like it: MARKET LEADING 2 YEAR FIXED RATE BOND. Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 2 Years
Interest AER 4.70%

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

Hampshire Trust Bank
Fixed Rate Bond Hampshire Trust Bank
Min deposit £1
Term 3 Years
Interest AER 4.65%

Why we like it: Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 3 Years
Interest AER 4.65%

Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 3 Years
Interest AER 4.55%

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

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 4 Years
Interest AER 4.00%

Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 4 Years
Interest AER 4.00%

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

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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 current 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.  

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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.