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More savings accounts
Fixed Rate Bonds – Approx 1 year
A Fixed Rate Bond is a type of savings account where the rate of interest remains fixed for a set period of time, and does not fluctuate with changes to the prevailing interest rates.
Fixed Rate Bonds are generally available for periods of between one and five years; the accounts shown on this page offer fixed rates for one year. Typically the longer savings are committed the higher the rate of interest.
Most Fixed Rate Bonds will only allow a single initial deposit upon opening of the account and will not accept further payments.
The majority of bonds do not allow early access, savers should therefore be sure that they can afford to tie up their savings for the length of the bond and always read the terms and conditions to ensure that the account you open is suitable for your needs.
Fixed Rate Bonds are perfectly suited to savers who are interested in forward planning and getting a better rate of interest than is offered by other accounts.
There is a wide variety of bonds to choose from; however the best rates may only be available for a short period of time, meaning it is worthwhile regularly checking our best buy savings tables to ensure that you select the most competitive Fixed Rate Bond.
Unless held by a non tax payer the interest received is subject to tax, with basic rate tax being deducted by the bank or building society. Basic rate tax payers will therefore have nothing further to pay when the Fixed Rate Bond matures, however higher rate tax payers will have an additional tax bill to calculate and pay.