Best Fixed Rate Savings Accounts

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Bankrate's best widely available online savings accounts with top high yield rates: 1. Best Overall Rate: Comenity Direct - 0.60% APY, $100 minimum to open account (no ATM access). Meanwhile, there are one-year fixed-rate accounts paying more than 1% that offer a monthly interest option. Aldermore Bank’s One-Year Fixed-Rate Savings Account pays 1.25% monthly interest.

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Guide to fixed-rate bonds

Banks and building societies want you to invest your cash in their savings accounts, which is why they pay you interest.

Fixed Rate Savings Accounts Best Buys

But with a normal, easy-access account the bank or building society doesn't have any security - you can withdraw your money whenever you like.

What's The Best Fixed Rate Savings Account

That's why they're happy to pay a little bit more to savers using fixed-rate bonds.

Current Savings Account Interest Rates

These are accounts where you agree in advance not to touch your cash for a set time, typically between six months and five years.

In return for your money for a guaranteed time, the account provider guarantees you a fixed rate of interest.

That means that, whether rates fall or rise elsewhere, you'll continue to get the amount you agreed.