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Product focus: Fixed rate accounts

Product focus: Fixed rate accounts

Category: Savings

Updated: 10/09/2010
First Published: 09/09/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Fixed rate accounts offer a guaranteed rate of return at the end of the term.

Those looking to lock funds in for a fixed term and make a fixed regular payment each month, may be interested in fixed term regular savings accounts.

These deals can pay a good rate of return, but savers must ensure they are committed to the account's terms and conditions to avoid incurring penalties.

Here is a selection of the current best accounts offered by some well known high street providers.

Santander – Fixed Monthly Saver 12

This thirteen month bond pays 4.00% on maturity. Investments range between £20 and £250. Contributions cannot be amended and can be made by standing order only. Twelve payments must be made in a year. Savers who miss payments will see the rate reduced to 0.10% for that month. There are no restrictions on the number of withdrawals allowed, although early access is allowed on account closure only. Upon maturity, the account will transfer to the Monthly Saver product. The account can be operated in branch by savers aged 16 and over.

Barclays Bank – Monthly Savings

This twelve month bond pays a monthly rate of 3.20%. Savers can invest between £20 and £250. Contributions can be amended and can be made by standing order only. Unlimited withdrawals can be made without advance notice, subject to 0.21% loss of interest for that month. The account is available to savers aged 16 and over and can be operated in branch, by telephone or online.

Northern Rock – Regular Saver Issue 2

Northern Rock's Regular Saver Issue 2 bond pays 2.75% on 1st September 2011. Savers can invest between £1 and £250 and contributions can be amended. There is no restriction on the number of withdrawals allowed and funds can be accessed without advance notice or penalty. The account is available to savers aged 14 and over and can be operated in branch only.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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