Fixed rate savings
Fixed rate savings are a type of savings account that offer a fixed rate of return on the day of investment for an agreed period. This helps to protect the saver against changes to the Bank of England’s base rate.
An advantage of fixed rate savings is that you know exactly what rate of interest you will receive for the agreed period.
The downside of a fixed interest savings rate is that you are tied into it for the agreed period and if interest rates rise then there is likely to be better rates of interest available on other types of savings accounts.
Many fixed rate savings providers impose strict restrictions with minimum monthly deposits over the fixed period accompanied by interest rate penalties that last the entire agreement and limited or no access to funds.
- Co-op offers fixed rate savings bonds paying up to 3.0%
- Leeds BS unveil fixed rate savings bonds paying up to 2.50%
- M&S Energy launch cheapest fixed rate energy deal
- Nationwide introduces new fixed savings rate change alert
- New fixed rate bond range unveiled by Santander
- N&P launch new fixed rate savings bond paying 3.35%
- AA launches fixed rate savings bond at 3.8%
- N&P launches new 2-year fixed-rate mortgage
- Fixed rate savings bond rates rise as inflation falls
- ISA season 2013: The top 20 fixed rate cash ISAs