The best one-year fixed savings accounts – earn up to 4.45%

Fixed savings accounts, also known as fixed-rate bonds, tend to offer better rates than easy-access savings accounts in return for locking away cash. These accounts can be ideal for anyone hoping to earn interest on their savings at a rate that’s guaranteed for a period of time.

However, since the Bank of England cut interest rates in May, many top-paying savings rates are being lowered to reflect the smaller base rate.

But if you're happy to fix your savings for a year, you can still earn up to 4.45% interest. We list the best accounts on the market now.

• The best one-year fixed deal is 4.45% AER with Hampshire Trust Bank.

One-year fixed savings accounts

Best 1 year fixed rate

Hampshire Trust Bank 1 Year Bond – 4.45% AER

This one-year fixed from Hampshire Trust is offering 4.45% AER, and you can start saving from just £1. You can deposit a maximum of £250,000.

You can make unlimited deposits for the first 14 days, and the account can be opened online. Interest is paid annually when your account matures.

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Cynergy Bank 1 Year Fixed Bond – 4.4% AER

Cynergy Bank is returning 4.4% AER, and you can start saving with a minimum £1,000. You have a 14-day window to make any deposits.

Save up to £1 million. This saver can be opened and managed online.

Tandem Bank 1 Year Fixed Saver – 4.38% AER

With Tandem, you can open a saver from this saver with just £1, and save up to £2.5 million. Note that only £85,000 is eligible for FSCS protection.

You have 14 days from opening your account to fund any money in the saver. Interest is paid annually on maturity, and this account can be opened online.

Bank of London and The Middle East 1 Year Premier Deposit Account – 4.37% AER

BLME is a Sharia-compliant bank offering an expected profit rate of 4.37% on your savings. You must deposit at least £1,000, and you can save up to £1 million.

Profit is calculated daily and paid annually. You can open this account online and manage it via post.

Close Brothers Savings 1 Year Fixed Rate Bond – 4.37% AER

This fixed saver requires a minimum deposit of £10,000 and you can save up to £2 million. Only up to £85,000 will be eligible for protection under the FSCS scheme.

The account can be opened online and managed online, post, or over the phone. Interest is paid annually.

Hodge Bank 1 Year Fixed Rate Bond – 4.37% AER

With Hodge Bank, you can fund anywhere from £1,000 to £1 million in the account, but only £85,000 is protected by the FSCS.

You have up to 14 working days to transfer any funds into the account. Interest is paid on maturity and you can open the saver online.

Birmingham Bank 1 Year Fixed Rate Bond – 4.36% AER

Birmingham Bank is currently offering 4.36% on its fixed saver. You can save anywhere between £5,000 and £250,000. However, you’re only eligible for FSCS protection for up to £85,000 of your deposit.

Once your account is opened, you have a limited period of 14 calendar days to make deposits. The account can only be opened online. Interest is paid at maturity.

Chetwood Bank Fixed Rate Savings Account – 4.36% AER

To open this one-year fixed saver, you will need to fund it with at least £1,000 within 14 days. There is no maximum balance, and you can only open a sole account.

Interest is paid at maturity. The account can be opened online.

Investec Bank 1-Year Fixed Rate Saver - 4.36% AER

This saver requires a minimum deposit of £5,000 and you can save up to £250,000.

You must make all deposits within seven days of opening the saver. You can open the account online, and interest is paid annually on maturity.

Aldermore 1 year fixed rate savings account - 4.35% AER

With this Aldermore fixed saver, you can start saving from £1,000 and save a maximum amount of £1 million. Though it's worth noting that £85,000 of your amount will be protected under the FSCS, not the entire sum.

You must make all deposits within 14 days of opening the saver. You can open the account online, and interest is paid annually on maturity.

Is a fixed savings account for me?

If you’re happy to lock your money away for longer, you have the option of two or five-year fixed-rate accounts which might offer a better interest rate.

“However, if you’re looking to save for five years or more, investing gives you a better growth potential as you benefit from compounding and you have a stronger chance of making your money grow and beating inflation. But investing is not risk-free and it can take time for your money to grow,” says Kalpana Fitzpatrick, MoneyWeek’s senior digital editor and author of Invest Now.

Once a fixed period ends, you will have to open another account – either with the same bank or elsewhere. It is also worth noting that if you fix an account and interest rates go up, you will be stuck with the rate you have until the fixed period ends.