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1 Year Fixed Rate Bonds

Updated: 28th May 2020

If you’re able to put your money away for 12 months, a 1 year fixed rate bond could offer you a higher interest rate than a typical current account or easy access savings account.


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Here are MyWalletHero’s picks for the fixed rate bonds:

Great for: Competitive fixed rate interest
5 stars question mark

This 1 Year Fixed Term account from RCI Bank offers a competitive interest rate of 1.25%. But it’s not just the interest rate that makes this account worth considering. The account also allows you to make as many deposits as you like in the first 14 days (each must be £1,000 or more) – and you can choose between annual or monthly interest payments.

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £1,000,000
  • Deposit must be made within 14 days of opening, but can be done via unlimited payments
  • Annual or monthly interest options available
  • Interest Rate (AER):

    1.25%
  • Account Type:

    1 Year Fixed Rate
  • Account Minimum:

    £1,000

what we like

  • Competitive interest rate
  • Unlimited deposit payments with the first 14 days of opening
  • Option for annual or monthly interest payments

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £1,000,000
  • Deposit must be made within 14 days of opening, but can be done via unlimited payments
  • Annual or monthly interest options available
  • DISCLAIMER

Great for: Competitive fixed rate interest
4 stars question mark

Although mainly marketed at UK residents aged 50 or over, the Saga 1 year Fixed Rate Saver is available to anyone over the age of 18. This account offers a competitive interest rate for fixed term savings. Once opened, you have 14 days to pay up to £100,000 into the account, which can be done through as many payments as you like.

HIGHLIGHTS

  • Minimum deposit £1
  • Maximum account balance £100,000
  • Deposit must be made within 14 days of opening, but can be done via unlimited payments
  • It's possible to close the account and access funds early (a fee applies)
  • Interest Rate (AER):

    1.10%
  • Account Type:

    1 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Competitive interest rate
  • You can close account early (a fee applies)
  • Allows multiple deposits within the first 14 days

HIGHLIGHTS

  • Minimum deposit £1
  • Maximum account balance £100,000
  • Deposit must be made within 14 days of opening, but can be done via unlimited payments
  • It's possible to close the account and access funds early (a fee applies)

DISCLAIMER

Great for: Competitive fixed rate interest
4 stars question mark

Paragon Bank offers 1.10% on its 1 Year Fixed Rate Account. They also offer the choice of monthly or annual interest payments. One thing worth noting is that this account doesn’t offer multiple pay-ins — so you’ll need to deposit your money as a lump sum within your first 28 days of opening.

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £500,000
  • Your total sum must be deposited within 28 days of application - via one payment
  • Can be opened as a single or joint account
  • Interest can be paid monthly or annually
  • Interest Rate (AER):

    1.10%
  • Account Type:

    1 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Can be opened as a single or joint account
  • Offers monthly or annual interest payments
  • Competitive interest rate

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £500,000
  • Your total sum must be deposited within 28 days of application - via one payment
  • Can be opened as a single or joint account
  • Interest can be paid monthly or annually

DISCLAIMER

Great for: Competitive fixed rate interest
3.5 stars question mark

If you’re looking to make the most of your savings, then this Vanquis fixed saver might be a good fit. It offers a 1.04% interest rate, and once opened, you have 30 days to make your account deposit — which can be between £1,000 and £250,000.

Read full review >

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £250,000
  • Open as a sole or joint account
  • Deposit must be made within 30 days of opening via a single payment
  • Annual or monthly interest options available
  • Interest Rate (AER):

    1.04%
  • Account Type:

    1 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Competitive interest rate
  • Annual or monthly interest options
  • Sole or joint accounts

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £250,000
  • Open as a sole or joint account
  • Deposit must be made within 30 days of opening via a single payment
  • Annual or monthly interest options available
  • DISCLAIMER