Fixed-rate savings

Earn a fixed rate of interest by putting away your savings for a longer term.

What is a fixed-rate savings account?

If you can put away your money for one to five years, you’ll benefit from a fixed rate for that term.

Our fixed-rate accounts are also fixed-term accounts. That’s because the interest rate is fixed for the length of the term you select when you open your account.

You might be able to withdraw money from a fixed-rate savings account, but charges could apply, reducing the benefit. Before you select an account, think about how much flexibility you need.

Compare fixed-rate savings accounts

Fixed term savings accounts

Account

Interest

Minimum first deposit

Open for

Withdrawals

More info

Account

Interest

4.25%
AER/tax-free interest for the one-year term.

4.00% 
AER/tax-free interest for the two-year term.

3.70%
AER/tax-free interest for the five-year term.

Choose to receive interest monthly or after each year.

Minimum first deposit

£500.

Open for

One, two or five years. Your account will then change to an Instant ISA Saver.

Withdrawals

By account closure or transfer only. Charges apply.

More info

Account

Interest

3.90%
AER/gross interest for the one-year term.

3.80% 
AER/gross interest for the two-year term.

3.70%
AER/gross interest for the five-year term.

Choose to receive interest monthly or after each year.

Minimum first deposit

£500.

Open for

One, two or five years. Then your account will change to an Instant Saver.

Withdrawals

By account closure only. Charges apply.

More info

Account

Interest

5.50%
AER/gross fixed.

Interest is paid after a year.

Minimum first deposit

£25 to £250 a month.

Open for

One year. We'll then move everything you've saved to an Everyday Saver account.

Withdrawals

By account closure only.

More info

Account

Interest

3.90%
AER/gross fixed.

Interest is paid after each year.

Minimum first deposit

10% of the agreed property purchase price, up to £50,000.

Open for

Three years. Your account will then change to an Instant Saver.  

Withdrawals

No withdrawals or early closure.

More info

Account

Instant Saver

If you have one of the following accounts with us, it will change into this account at the end of its term:

  • Everyday Saver.
  • Fixed Saver
  • Bonus Saver.
  • Reward Bonus Saver.
  • Family Boost Fixed Savings Account.
  • Money Smart.

Interest

1.15%
AER/gross on balances from £1 to £9,999.

1.25%
AER/gross on balances from £10,000 to £49,999.

1.60%
AER/gross on balances of £50,000 or more.

The interest rate is variable and applies to the full balance. Your interest frequency will stay the same as it was on your last account.

Minimum first deposit

£1.

Open for

No end date.

Withdrawals

Unlimited.

More info

You can't apply directly for this account.

Instant Saver

 

Account

Instant ISA Saver

If you have one of the following accounts with us, it will change into this account at the end of its term:

  • ISA Saver Variable.
  • ISA Saver Fixed.
  • ISA Reward Bonus Saver.
  • ISA Bonus Saver.

Interest

1.10%
tax-free/AER on balances from £1 to £9,999. 

1.20%
tax-free/AER on balances from £10,000 to £49,999. 

1.35%
tax-free/AER on balances of £50,000 or more.

The interest rate is variable and applies to the full balance. Your interest frequency will stay the same as it was on your last account.

Minimum first deposit

£1.

Open for

No end date.

Withdrawals

Unlimited.

More info

You can't apply directly for this account.

Instant ISA Saver

 

Tax treatment depends on individual circumstances and may change.

Interest on savings

Interest rates can change, but your rate won’t change once you’ve opened your account. You can check current interest rates online at any time.

Let’s take a closer look

  • That depends on the type of fixed-rate savings account you have with us. A fixed-rate cash ISA will change to an Instant ISA Saver at the end of the initial term. The Fixed Saver and Family Boost Fixed Savings Account will switch to an Instant Saver. If you have a Regular Saver, it will change to an Everyday Saver.

  • They suit people who have a lump sum of money they can afford to put away for a fixed term. Fixed-term savings accounts could give you access to a higher interest rate than an easy-access savings account.

  • Many accounts don’t allow you to withdraw money before the date of maturity.

    Others might allow you to withdraw, but charges usually apply – cutting the value of the interest you’ve earned. Sometimes, you might also need to close your account.

    Check the terms and conditions before opening a savings account with a fixed rate and term.

  • Wording explained

    AER

    The Annual Equivalent Rate (AER) helps you to understand how much interest you could earn from your savings in a year. It also makes it easier to compare accounts.

    AER includes the effect of compound interest. That's the interest you earn on top of any interest that’s already part of your savings balance.

    AER explained

    Tax free

    You don’t usually need to pay tax on interest earned on ISAs or kids' accounts.

    Adults can earn a certain amount of tax-free interest on their savings each year, depending on your:

    Gross

    This is the percentage of interest you’ll earn on savings before tax. We won’t take off any tax due, so you’ll need to declare and pay anything you owe to HM Revenue and Customs.

Protecting your money



The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS



Protecting your money

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS

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