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2 Year Fixed Rate Bonds

Updated: 21st May 2020

If you’re able to put your money away for 2 years, these fixed rate bonds 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 interest on fixed term savings
5 stars question mark

This 2 Year Fixed Term account from RCI Bank offers a competitive interest rate of 1.45%. But it’s not just the interest rate that makes this account worth considering. For one, the account allows you to make as many deposits as you like in the first 14 days (each must be £1,000 or more). Plus, it’s a good fit for savers with more to deposit, as the maximum deposit is £1 million.

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):

    1.45%
  • Account Type:

    2 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • 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

Paragon Bank offers 1.25% on its 2 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):

    1.25%
  • Account Type:

    2 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 interest on savings
3.5 stars question mark

Vanquis Bank’s 2 Year Fixed Rate account offers an interest rate of 1.05%. The account allows you 30 days to fund, but you’ll have to do that via one payment. The maximum for this account is £250,000, which will be more than enough for most of us, but there are higher limits on other accounts if you have a particularly large sum to deposit.

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):

    1.05%
  • Account Type:

    2 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Competitive interest rate
  • Can be opened as a sole or joint account
  • Annual or monthly interest options

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