The best one-year fixed savings accounts – earn up to 4.4%

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Best one-year fixed accounts
Should you fix your savings?

Disclaimer

All the financial institutions we feature are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £120,000 of your savings are protected should a bank go bust.

Fixed savings accounts, or fixed-rate bonds, are different from easy-access savings accounts as they let you earn high interest by locking your cash away for a fixed period.

These accounts can be ideal for anyone hoping to earn interest on their savings at a rate that’s guaranteed for a fixed period of time.

However, with the Bank of England cutting interest rates to 3.75%, fewer fixed-term bonds can now beat inflation.

If you're looking to lock in your savings for a year, you can earn up to 4.4% interest. We list the best accounts on the market below.

We round up the best savings rates in a separate guide.

The best one-year fixed rate is 4.4% with AlRayan Bank via Meteor Savings.

One-year fixed savings accounts

Isbank Raisin UK - 1 Year Fixed Term Deposit – 4.35% AER

You can start saving from £1,000 and go up to £120,000 – if you open this account via Raisin UK. Interest is paid at maturity and you can open the account online.

Al Rayan Bank 12 Month Fixed Term Deposit – 4.32% AER

Earn an expected profit rate of 4.32% with this one-year fixed from Sharia-compliant Al Rayan Bank. There is a minimum deposit requirement of £5,000, and you can save up to £1 million. Note that only £120,000 will be eligible for FSCS protection. The expected profit will be paid on maturity. The account can be opened online.

Cynergy Bank 1 Year Fixed Bond – 4.24% AER

Cynergy Bank is returning 4.24% AER, and you can start saving with a minimum of £1,000. You have a 14-day window to make any deposits. You can save up to £1 million, and note that only £120,000 will be eligible for FSCS protection. The account can be opened and managed online.

OakNorth Bank Fixed Term Savings Account – 4.23% AER

OakNorth Bank is offering a 4.23% rate on its 12-month fixed saver. You can deposit just £1 and save up to £500,000. However, keep in mind that the FSCS will only protect £120,000 of your deposit money. The account needs to be funded with payments within the first 14 days. You can open the account online or on the OakNorth mobile app. Interest will be paid at maturity.

Union Bank of India (UK) Ltd Fixed Rate Deposit – 4.23% AER

This one year fixed saver by Union Bank of India (UK) is offering 4.23%. To open this account, you can start saving with £1,000 and deposit a maximum of £1 million. Interest is paid annually when your account matures. You can open the saver in branch or by post.

Chetwood Bank Fixed Rate Savings Account – 4.21% AER

To open this one-year fixed saver, you will need to fund it with at least £1,000 within 14 days. There is no maximum balance, and you can only open a sole account. Interest is paid at maturity. The account can be opened online.

Close Brothers Savings Fixed Rate Bond – 4.21% AER

With Close Brothers Savings, you can save between £10,000 and £2 million per account, but note that only £120,000 of the sum will be protected under the FSCS. You have to make the minimum deposit within ten days. The account can be opened online but you can also manage it via post or over the phone. Interest is paid at maturity.

UBL UK 1 Year Fixed Term Deposit – 4.21% AER

This one-year fixed savings account pays 4.21% interest, and you have to stash between £2,000 and £1 million to qualify for the rate. You have ten calendar days to fund your account in order to secure the rate. The account can be opened and managed online, via post, or in branch. Interest can be paid monthly or annually.

Afin Bank 1-Year Fixed Term – 4.2% AER

This digital bank is offering a 4.2% fixed rate on its savings account. The minimum deposit requirement is £1,000, and you can save up to £200,000 (but only £120,000 will be FSCS-protected). The account can be opened online. Interest is paid at maturity.

LHV Bank 1 Year Fixed Rate Bond – 4.2% AER

LHV is paying a fixed interest of 4.2% on your savings. To take advantage, you will need to save a minimum of £1,000 and a maximum of £1 million. Keep in mind that only £120,000 of the amount will be eligible for FSCS protection. You have 14 days from the date of opening your account to make the deposit. You can open the account via the LHV app. Interest is paid at maturity.

Is a fixed savings account right for me?

If you’re happy to lock your money away for longer, you have the option of two or five-year fixed-rate accounts which might offer a better interest rate.

“However, if you’re looking to save for five years or more, investing gives you a better growth potential as you benefit from compounding and you have a stronger chance of making your money grow and beating inflation. But investing is not risk-free and it can take time for your money to grow,” says Kalpana Fitzpatrick, MoneyWeek’s senior digital editor and author of Invest Now.

Once a fixed period ends, you will have to open another account – either with the same bank or elsewhere. It is also worth noting that if you fix an account and interest rates go up, you will be stuck with the rate you have until the fixed period ends.

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Oojal has a background in consumer journalism and is interested in helping people make the most of their money.

Oojal has an MA in international journalism from Cardiff University, and before joining MoneyWeek, she worked for Look After My Bills, a personal finance website, where she covered guides on household bills and money-saving deals.

Her bylines can be found on Newsquest, Voice.Cymru, DIVA and Sony Music, and she has explored subjects ranging from politics and LGBTQIA+ issues to food and entertainment.

Outside of work, Oojal enjoys travelling, going to the movies and learning Spanish with a little green owl.