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This comparison simply includes all savings accounts.

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 6 Months
Interest AER 1.80%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 12 Months
Interest AER 2.02%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 24 Months
Interest AER 2.30%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 36 Months
Interest AER 2.38%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 60 Months
Interest AER 2.43%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

Oak North
Fixed Rate Bond Oak North
Min deposit £1000
Term 48 Months
Interest AER 2.41%

Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected

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

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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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.