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5 Year Fixed Rate Bonds

Updated: 21st May 2020

If you’re able to put your money away for 5 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: Highly competitive fixed rate interest
5 stars question mark

Boasting a whopping 1.80% interest rate, this 5 Year Fixed Term account from RCI Bank offers an eye-catching rate for the current environment. It’s not just the interest rate that makes this account worth considering — you can deposit up to £1 million, which is much higher than some offerings. You also have 14 days to make unlimited deposits into the account (with a minimum of £1,000 a time).

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):

    1.80%
  • Account Type:

    5 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Highly competitive interest rate
  • Unlimited deposit payments within the first 14 days of opening (up to £1 million)
  • 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 a solid 1.60% interest rate on its 5 Year Fixed Rate Account. The maximum deposit you can pay into this account is £500,000 which is more generous than some others out there. 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 (1.59%) or annually (1.60%)
  • Interest Rate (AER):

    1.60%
  • Account Type:

    5 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 (1.59%) or annually (1.60%)

DISCLAIMER

Great for: Competitive fixed rate interest
3.5 stars question mark

Vanquis Bank’s 5 Year Fixed Rate account offers an interest rate of 1.35%. Whilst some accounts offer much larger maximum balances, the most you can pay into this one is £250,000. That’s more than enough for most people, but might not be suitable if you’re looking to deposit a larger sum.

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):

    1.35%
  • Account Type:

    5 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

Great for: Steady fixed rate interest
3.5 stars question mark

Hampshire Trust Bank’s 5 Year Bond offers 1.20% interest on your money, which is paid annually. The account allows an unlimited number of deposits in the first 14 days. The maximum balance is set at £250,000, which is enough for most of us. However, if you’re planning on depositing a larger sum this might not be the account for you.

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £250,000
  • Deposit must be made within 14 days of opening, but that can be done via unlimited payments
  • Interest paid annually
  • Interest Rate (AER):

    1.20%
  • Account Type:

    5 Year Fixed Rate
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1,000

what we like

  • Unlimited deposit payments within the first 14 days of opening
  • Apply and manage account online
  • Competitive interest rate

HIGHLIGHTS

  • Minimum deposit £1,000
  • Maximum total balance £250,000
  • Deposit must be made within 14 days of opening, but that can be done via unlimited payments
  • Interest paid annually
  • DISCLAIMER