![]() It is important to consider your savings goals, and when you might need access to your money, before taking out a fixed rate bond. If your provider does allow you to access your savings, this is usually at penalty which can come in the form of a loss of interest. ![]() In addition, fixed rate bonds rarely let you withdraw from your funds until it matures. This is what makes it different to variable accounts, like easy access savings rates, which can fluctuate at your provider’s discretion. Read more: Best savings accounts in 2023 What is a fixed-rate bond?įixed rate savings accounts guarantee a particular rate of interest over a certain period. So below we’ve explained how fixed rate bonds work, if this savings account is right for you, and some of the best rates on the market. Here are our top picks for the best fixed rate savings accounts.ĭue to the restrictions that come with fixed rate bonds, they are better suited to specific savers with certain goals. However, this often comes with restrictions to your cash. Fixed rate bonds tend to offer some of the highest savings rates on the market.
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