Fixed rate savings

Fixed rate savings are a type of savings account that offer a fixed rate of return on the day of investment for an agreed period. This helps to protect the saver against changes to the Bank of England’s base rate.

An advantage of fixed rate savings is that you know exactly what rate of interest you will receive for the agreed period.

The downside of a fixed interest savings rate is that you are tied into it for the agreed period and if interest rates rise then there is likely to be better rates of interest available on other types of savings accounts.

Many fixed rate savings providers impose strict restrictions with minimum monthly deposits over the fixed period accompanied by interest rate penalties that last the entire agreement and limited or no access to funds.

	The best savings bonds on the market Savings bonds are a great way of maximising the rate you can get on your savings in a period of low interest rates. However, there are pitfalls, as Kate Saines explains.
	Cahoot launches two-year fixed rate savings bond paying 4.01% Cahoot will launch a new issue of its two-year fixed rate savings bond that pays 4.01 per cent AER on November 14th.
	The best savings accounts to help your money grow Myfinances.co.uk selects nine of the best savings accounts currently available including ISA's, easy-access, child savings accounts and fixed rate savings bonds.
	How to find the best fixed-rate savings accounts With interest rates remaining low and unlikely to rise anytime soon, fixed-rate savings account offer the best value, but there are drawbacks, as Kate Saines explains.
	Halifax increases interest on two savings accounts Halifax has increased the interest rates on two of its popular savings accounts this week.