Today's best fixed rate bonds
We found 715 PRODUCTS in total, of which 214 are EASY TO OPEN
AlRayan Bank Meteor Savings - 1 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Market Harborough BS Fixed Term Bond 13 (31.07.2031)
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Market Harborough BS Fixed Term Bond 14 (31.07.2031)
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
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Compare and open competitive FSCS-protected savings accounts from over 40 banks and building societies. No faff. No fuss. No fees.
Afin Bank 5-Year Fixed Term Account (Issue 7)
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
RCI Bank UK 2 Year Fixed Term Savings Account
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Make your money work harder with a fixed 4.57% AER from Afin. Our 2-Year Fixed Term Account offers certainty, strong returns, and FSCS protection - so you can save with confidence.”
BACB Raisin UK - 2 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Close Brothers Savings Fixed Rate Bond
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Lock in a great rate and watch your savings grow. Our 24-month Fixed Term account offers a competitive 4.55% AER – no hidden fees, no fuss. Start saving from as little as 1. FSCS Protected.
Kuwait Finance House Raisin UK - 1 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
AlRayan Bank Raisin UK - 1 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Close Brothers Savings Fixed Rate Bond
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
RCI Bank UK 3 Year Fixed Term Savings Account
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
RCI Bank UK Raisin UK - 3 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
StreamBank Fixed Rate Account - Issue 2
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Close Brothers Savings Fixed Rate Bond
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
AlRayan Bank Meteor Savings - 3 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
National Bank of Egypt (UK) Limited Raisin UK - 1 Year Fixed Term Deposit
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Aldermore 5 Year Fixed Rate Savings Account
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
Recognise Bank 2 Year Fixed Rate Account
In the UK, the first £120,000 of savings per person is protected by the Financial Services Compensation Scheme. Some banking brands share the same banking licence which means your deposit protection is across all brands sharing the licence. If you have also borrowed from the failed bank/building society, the compensation will not be reduced to repay your debt, separate arrangements will be made for this. The deposits of most businesses are covered up to the £120,000 limit, but businesses should check with their bank before they apply as there are exclusions.
*Data updated hourly, every day between 9am and 5pm.
Applicants must be a UK resident. Eligible UK deposits are protected up to £120,000 per person by the FSCS. Rates can change at any time - please check terms before applying. Some links (like ‘Go to Provider’ or ‘Speak to a Broker’) may earn us a commission. Use the heart icon to save favourites for 14 days (cookies required).
Who owns whom?
Find out which banks and savings account providers operate under which banking license with our who owns whom guide, helping savers work out to what degree their savings are protected by the FSCS.
A fixed rate bond is a savings account that pays the same rate of interest for a specified number of months or years.
During this period, you can’t typically withdraw your savings from the account or, in some cases, make any further deposits. Because of this, fixed rate bonds are popular with those who have a lump sum that they definitely won’t need to access for a while.
Don’t get fixed rate savings bonds confused with investment bonds. Unlike deposits in a fixed rate savings bond, any money you put into an investment bond is at risk and could go up or down in value.
A fixed rate bond, or fixed rate savings account, asks you to lock your money away for a pre-agreed length of time, in return for a fixed rate of interest. The bank or building society cannot change the rate during this term, and you normally won’t be able to access your funds until the term ends.
This is in contrast to variable accounts, which allow withdrawals and may change the interest rate at any time.
Many fixed rate bonds only allow a single lump sum deposit when you open the account (although some may allow further deposits for a limited time), and there will normally be minimum deposit requirements as well.
A funding window on a fixed bond is the length of time the provider allows you to deposit into your account. While many fixed bonds won’t allow you to make further contributions to your savings after the initial deposit, others may offer a short funding window after opening, such as 14 days, when you can add to your savings.
Interest on a fixed rate account can be paid monthly, quarterly, yearly, on anniversary or on maturity, for example, depending on your preferences and the provider you choose.
Monthly interest fixed rate bonds could appeal to savers who want their interest to supplement their income, especially as some providers can pay interest out into your current account.
When you compare the best fixed bond rates on our charts, you can see the ways that individual accounts can pay interest.
It may be possible to open a joint fixed rate bond with another individual, such as your partner or a family member.
Both individuals will need to fill in the application form and both will be able to add to the account and withdraw funds.
Bear in mind that not all providers allow joint applications for their fixed rate bonds. On our chart above, you can filter the listing to see which accounts accept joint applications by clicking “Full search” and choosing “Yes” on the “Only show joint accounts” option (in the “Further options” section).
Fixed rate bonds offer guaranteed interest rates, meaning you’ll know exactly how much interest you’ll earn.
The money can’t be withdrawn which reduces temptation to spend, and can make them ideal for those with a specific goal in mind.
There are a range of terms available to suit all requirements.
You won’t be able to access your money in an emergency, and nor will you be able to add to your pot.
If interest rates rise during the term, you won’t be able to move your savings to secure a better rate.
Over the longer term, fixed rate bonds are unlikely to make the same returns as forms of investment, such as investing in the stock market.
Terms on fixed bonds can range from as little as one month to over five years, and interest rates can vary accordingly. Traditionally, the longer the term the higher the interest rate, but this isn’t always the case.
Because providers can adjust their rates at any time, it’s important to regularly compare the different options available to find the one that offers you the best return.
Some popular term lengths include:
Aside from the above, there are accounts with different fixed terms. For example, 18-month bonds may appeal to savers who want to secure a fixed return for longer than one year but don’t want to commit to as long as two years.
Alternatively, savers who don’t want to lock away access to their money for one year or more have several shorter-term bonds to consider. A range of providers offer six-month savings bonds, which could be a useful option for those who want to set aside money for an upcoming major purchase or event, such as a holiday. There are also bonds with three-month terms and nine-month terms, depending on how long you’re willing to forfeit access to your money.
At the time of writing, the longest fixed rate savings term available is seven years. Seven-year bonds are only offered by a handful of providers.
The longest fixed term that many providers offer is five years.
This is a very personal decision and will be based largely on your savings goals and the practicality of keeping your money tied up. You should consider how long you can reasonably go without access to your funds, making sure you’ve got a suitable emergency fund so you won’t need to access your fixed rate savings.
If savings rates are trending lower, it may be worth considering a longer-term fixed bond so you can continue to earn a competitive return on your money as rates fall. However, you need to be sure you won’t need to access your money during this period, and there’s always the possibility that interest rates could start to increase over the following years, which means you could potentially miss out on locking in a higher return.
Some savers may find it beneficial to split their money between fixed bonds of differing terms, to take advantage of the different benefits they offer. This means they will be able to access parts of their money at regular intervals (which they can spend or put back into savings), while the rest of their money continues to earn interest in a longer-term bond.
You can use a fixed bond to help you save towards a range of short-term and long-term savings goals, such as a wedding, a new car, home improvements, a holiday and more. It could even be one of the ways you save for your retirement, alongside a pension, for example.
Parents may also consider opening a fixed rate bond to put aside money for their children’s future, so they have a financial cushion when they go to university or move out of the family home, for example.
Because you can’t typically access your money before the end of the term, make sure you choose a fixed bond that matures before you will need the money.
The best fixed term savings bonds will usually be those that pay the highest interest rates and feature at the top of our chart above, as long as these accounts meet your individual requirements. The leading fixed rate bonds in the UK currently pay in excess of 4.50% AER (as of 15 April 2026), including those with shorter and longer fixed terms.
Always consider how long you’re willing to lock away access to your money when selecting a fixed bond. For example, if a five-year bond offers the best fixed rate but you’ll need your money within a couple of years, this won’t be the right account for you.
Bear in mind that, as providers can increase and lower rates at short notice, the situation could change relatively quickly, so it’s a good idea to look at the table above for the most up-to-date information and to find the best fixed rate accounts available.
But, in addition to the interest rate, it’s important to consider other features to ensure you choose the best savings bonds for your requirements.
A variety of providers offer fixed bonds in the UK, including:
You can see all the individual brands that currently offer fixed bonds on our chart above, but it’s worth noting that providers can launch or withdraw accounts at short notice. As a result, you may be able to take out a fixed bond from a particular provider at some times but not others.
The names at the top of our fixed bond chart change regularly as different providers adjust rates and amend their range of accounts, but you may find that the best fixed term deposit rates come from less traditional brands instead of the more well-known banks and building societies.
However, the fact a name may be less familiar to you shouldn’t necessarily put you off from opening an account. These providers are regulated by the Financial Conduct Authority (FCA) and offer the same protection under the Financial Services Compensation Scheme (FSCS) as the major banks.
At the Moneyfactscompare.co.uk Awards 2026, the following providers achieved a top three position in the “Fixed Rate Savings Provider of the Year” category.
But, while these providers scored highly in the consumer survey that helped to decide the award winners, it doesn’t necessarily mean that they currently offer the best rates or are the most suitable option for all savers. Always compare providers and the features of their fixed bonds when choosing where to put your money.
When comparing the best fixed rate bonds UK providers offer, it’s important to consider your own financial circumstances and savings goals, as well as the features of an account, because different accounts may suit different savers.
Some of the main factors you’ll need to think about include:
You can compare fixed rate bonds, including their interest rates and features, on our charts above.
Depending on how much you deposit in a fixed bond, the way you choose to have the interest paid could affect your tax liabilities. The Personal Savings Allowance (PSA) means that basic- and additional-rate taxpayers can earn up to £1,000 and £500 respectively on their savings without paying tax, so those at risk of breaching these limits should think carefully about how interest is paid.
For example, let’s say you deposit £5,000 in a five-year bond paying 4.00% AER. If you have interest paid out into your current account annually, you will earn about £200 each year which is comfortably within the PSA. By contrast, if interest is compounded and paid out on maturity, you will receive an interest payment of around £1,083 at the end of the term, which will be above your PSA for that particular tax-year.
Fixed rate bonds pay a guaranteed return on your money for a set period, unlike other savings options such as easy access and notice accounts that pay a variable interest rate (which means the rate could change).
While this can make fixed bonds appealing, these accounts can be a lot more restrictive than other options. In return for the guaranteed rate, you typically have a limited period of time to make your deposits and you won’t normally be able to access your money before the end of the term.
By contrast, variable savings options usually allow you to deposit as much and as often as you like into your account and similarly allow you to dip into your savings whenever you need to.
Fixed ISAs are similar to fixed bonds as the interest rate won’t change during the term, giving you a predictable return. However, the key difference between these types of fixed account is that the interest earned on a fixed ISA is exempt from income tax.
By contrast, you may need to pay tax on the interest earned on a fixed bond if the overall return on your non-ISA savings exceeds your Personal Savings Allowance (PSA).
Bear in mind that fixed ISA rates tend to be lower than on standard fixed bonds and the amount you can deposit into a fixed ISA is limited by the annual ISA allowance.
Fixed bonds, particularly those with a term of two years or more, can form a useful part of a long-term savings strategy as they provide you with a guaranteed return on your money. This can make them a safe and reliable way to put money away for the future, but it’s worth considering other long-term savings strategies instead of, or as well as, these fixed accounts.
For example, if you have money you won’t need to access for several years or more, it may be worth investing it via a stocks and shares ISA or another investment platform. This could give you a greater return on your money than if was sitting in savings, but you need to consider the risk that investments could drop in value as well as increasing. However, if you’re committed to keeping your money invested for the long-term, there’s a higher chance that it will recover from any dips and see overall growth.
Pensions are another long-term savings option, designed to help you save for retirement. They are a type of investment and carry the same risks described above, but could be a useful place to deposit any excess money. However, bear in mind you can’t access a pension until you turn 55 (rising to 57 from April 2028).
Many people may benefit from having a combination of savings and investments to grow their money over the long-term, but it’s important to consider your individual circumstances and requirements to help you decide. And, for tailored guidance on what to do with your money, it may be worth speaking to a professional financial adviser.
Most fixed bonds won’t allow you to withdraw your money before the end of the term and, if they do, this is likely to come with some form of penalty, such as a loss of interest or a small charge.
Once the term of the bond has come to an end, otherwise known as maturing, you’re free to withdraw your money or reinvest as you see fit. Your provider should notify you in advance of the maturity date to offer instructions. You can choose a new account with the same provider or can go elsewhere, again making sure to compare rates before you make your decision.
If you don’t tell your provider what you want to do with your money once the bond matures, the provider will automatically move your money to a specified account, which could be an instant access account paying a relatively low interest rate or another fixed bond, for example.
So, to make sure your savings are in an account that you want, it’s crucial to give the provider instructions when the bond matures.
You can typically open a fixed rate bond if you meet the following criteria.
You're a UK resident
You're at least 16 years old, although some providers may only accept applications from those aged 18 or over.
You have a lump sum to deposit that you won't need to access for the specified period.
Savings providers also set their own criteria, such as a minimum opening deposit requirement which could range from £1,000 to £10,000 for example. Always check the deposit requirements of a provider to make sure you have sufficient money to open the account.
Bear in mind that some fixed rate bonds may only be available to existing customers of the provider.
Before opening a fixed rate bond, it’s important to be sure it’s the right decision as you typically won’t be able to withdraw your money before the end of the term. Some of the points to think about include:
Are you comfortable not having access to your savings for the specified period of time?
Locking your savings into a fixed term is a commitment, especially if it’s several years or longer, so you need to be certain you won’t need the money during this period.
Do you have sufficient savings in an easy access account that can act as an emergency fund?
It’s a good idea to have money available if you need to cover an unexpected expense or your income drops, for example.
Will your savings be protected under the Financial Services Compensation Scheme (FSCS) should the provider go bust?
Think about how much you have saved with each provider to ensure all your money is protected, as the FSCS only covers up to £120,000 you have deposited under one banking licence.
Up to £120,000 of your deposits are protected across your accounts with each provider (or multiple providers if they share a banking licence). See our guide to which banks operate under the same licence.
Any changes the Bank of England makes to the base rate won’t affect the interest rate on any existing fixed accounts. This is because the rate is guaranteed for the specified term.
However, the base rate could affect the interest rate that providers set on any new fixed bonds. For example, if the base rate drops, the best bond rates available may fall if providers start making cuts across their range of savings products.
Savings rates declined over the course of 2025 as the Bank of England lowered the base rate from 4.75% to 3.75%. For example, the average rate on one-year fixed bonds dropped from 4.18% to 3.85% between the start of 2025 and the start of 2026, while the average rate on bonds with a fixed term of 550 days or longer fell from 3.91% to 3.80% over the same period. According to Moneyfacts data, based on a £5,000 deposit.
The Bank of England’s Monetary Policy Committee (MPC) was expected to lower the base rate in 2026, but the fallout from the conflict in the Middle East means this seems very unlikely to happen. If the base rate stays at its current level or increases, depending on how events unfold, this could help fixed savings rates remain more stable.
If you won’t need to use a lump sum of money for several months or years, fixed rate savings bonds that pay a competitive rate of interest are worth considering during periods of higher inflation.
Inflation erodes the purchasing power of your money (which means the same amount of money buys less than it used to) but, if your money is in an account paying an inflation-beating rate, you’ll still get a return on your savings in real terms.
By contrast, if the interest rate on your fixed bond is lower than the rate of inflation, the interest you earn will be cancelled out by the effects of inflation. This means your money won’t buy as much as it did before.
At the start of 2026, inflation was expected to ease towards the Bank of England’s target of 2%. However, after the conflict in the Middle East pushed up oil and gas prices, inflation is now predicted to rise.
A higher level of inflation means there may be fewer fixed accounts that can offer a real return on your money, so savers should be proactive about reviewing their savings and switching to the most competitive accounts.
If you’re looking for an account that will allow you to regularly add to your savings or dip into your funds without penalty, an easy access or notice account may be preferred, or you may wish to consider high interest current accounts or regular savings accounts instead (just be aware that these often have a cap on the maximum balance allowed).
For those with larger sums, investing in the stock market could be a great choice, provided you’re happy with an element of risk. This is because there’s no guarantee – returns can be volatile and are dependent on the performance of the market, so while there’s the potential to secure higher returns than with cash savings, there’s also the chance that you could end up with less than you put in.
You can complement your fixed rate bond with the different types of savings accounts and investments:
A fixed term savings account is somewhere savers can put away a lump sum for a certain period and earn a guaranteed rate of interest. They pay a fixed interest for several months or years, depending on the term you choose. They are also known as fixed rate bonds.
Some providers may call these accounts fixed savers while others call them fixed bonds or fixed rate deposits, but they all essentially mean the same thing.
Yes, theoretically you can have as many fixed rate bonds as you want, either with the same provider or with different providers. There’s no limit on the number of fixed rate bonds you can have. Savers may choose to have multiple accounts with the same term length or a combination of shorter- and longer-term fixed bonds, depending on their preferences.
Given that fixed rate bonds are a type of cash savings account, there is no risk to your capital, which means you’ll always get back at least the money you invested. Fixed rate bonds held with a UK-authorised bank or building society are also protected by the Financial Services Compensation Scheme (FSCS), which covers up to £120,000 per person per banking licence.
The interest paid on a fixed rate bond is classed as taxable income, but many savers can earn up to a certain amount tax-free. You won’t need to pay any tax on a fixed bond if the interest earned on this (and any other non-ISA savings accounts) is within your Personal Savings Allowance (PSA). However, you’ll need to pay tax if the interest earned is above this limit. If you’re worried about breaching your PSA, you may want to consider fixed rate ISAs instead.
You only start to pay tax on fixed rate bonds, or any other savings, if the total amount of interest you earn exceeds your Personal Savings Allowance (PSA). This is set at £1,000 for basic-rate taxpayers and £500 for higher-rate taxpayers. Additional-rate taxpayers don’t have an allowance.
Most fixed rate bonds won’t allow you to close your account or access your money early, unless there are exceptional circumstances such as serious illness or bankruptcy. If a provider does allow you to close an account before the end of the fixed term, there is likely to be a penalty charge for doing so.
Fixed rate bonds can be a good idea if you have a lump sum of money you won’t need to use for a number of months or years. Putting it into a fixed rate bond means you’ll receive a guaranteed rate of interest for the specified length of time, protecting your money from any potential drops in savings rates.
However, a fixed rate bond is only a good idea if you can afford to lock away access to your savings and if you have sufficient money in an easy access account that you can withdraw from in an emergency. Ideally, experts say you should have between three- and six-months’ expenses in an emergency fund to cover any drops in income or unexpected repairs, for example.
A Government bond is essentially when you lend money to the Government and receive interest in return. It is a form of investment. By contrast, a fixed rate savings bond is a type of savings account that stores your money and pays a set amount of interest on your deposit. Unlike Government bonds, savings bonds are protected by the Financial Services Compensation Scheme (FSCS).
Because you can’t typically access your money before the end of the term, you won’t be able to transfer a fixed bond to another provider. You will have to wait for the end of the fixed term before you can transfer your savings elsewhere.
This depends on the provider and your preferences. Once a fixed bond matures, you may receive your money on the same day, or the next working day, for example. However, you may be able to choose to have your funds automatically deposited into a new fixed rate account, which means you wouldn’t have access to your money until the term ends on your new account.
There aren’t typically any fixed bonds that are specifically designed for older savers. As a result, the best account for over-60s will be the one that pays the highest rate and meets your individual requirements. For example, if savers aren’t comfortable managing their savings via a mobile app, they may prefer an account that pays a slightly lower rate but can be managed online or in branch rather than a higher-paying account that is only available via app. See our chart above for the latest rates and to compare the features of each account.
If an account holder dies, their next of kin (or executor of their estate) should contact the provider. The provider will typically release the money saved in the fixed bond, but the processes involved in this will depend on the provider and each individual situation.
No, you can’t typically use your savings to act as collateral for a loan.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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