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Fixed rate savings

A fixed rate savings account guarantees an interest rate and fixes it over a specified period thereby protecting you against any fluctuations in the Bank of England’s rate of interest. If you crave stability in your finances, a fixed rate saver account could be the best option because you know the rate of interest you can expect over the fixed term.

The downfall of fixed rate savings is that you are tied into an agreement for its duration. Therefore, it is important that you have thoroughly searched the market for fixed rate saving bonds. 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.

With myfinances.co.uk you can compare fixed rate savings accounts from across the UK market to bring you the best fixed rate savings on offer.

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