1 year Fixed Rate Savings at 5.26%

How does a 1 year fixed rate savings account work?

1 year fixed savings accounts are a way to earn a guaranteed interest rate. To earn this interest rate, you’ll need to commit to locking your money away for a year. 

We work with credit unions that provide a wide range of savings accounts to their members. Credit unions are not-for-profit organisations that are dedicated to providing fair, ethical banking services. This means that any profits generated are returned to members as interest on savings or reinvested into the credit union to improve their services. 

To open a one year fixed rate savings account with one of the credit unions we work with, you’ll need to become a member. Whilst membership criteria for credit unions vary, the ones we work with accept those from almost all fields of employment as well as members of organisations such as the National Trust and Co-Op. 

When you apply for a 1 year fixed rate savings account using our straightforward online form, we’ll connect you with the credit union that best suits your financial circumstances. 

How much can I put in a 1 year fixed rate savings account?

When you first apply for a 1 year fixed rate savings account, we’ll ask you how much you want to save. 

With a one year fixed rate savings account from one of the credit unions we work with, you can choose to save between £1,000 and £85,000. 

The savings accounts offered by the credit unions we work with are protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000 per individual, so you can rest assured that your savings are safe. 

What do I need to open a 1 year fixed term savings account?

Other than meeting the membership requirements, to open a one year fixed rate savings account with one of the credit unions we work with, you’ll need to:

• Be aged 18 or over

• Live in the UK (Excluding the Isle of Man)

• Have a personal bank account in the UK

You’ll also need immediate access to the full amount of money you wish to save because you’ll need to deposit this when you open the account. 

How do I apply for a 1 year fixed savings account?

Opening a 1 year fixed rate savings account via our online form is simple; here’s a quick guide to the process:

1. Fill out the online application form - Tell us more about your circumstances and how much you want to save

2. Read & accept the terms and conditions of your 1 year fixed rate savings account - Make sure you carefully read the terms and conditions. The content of the terms and conditions is not intended to amount to advice on which you should rely. If you are not sure of the content of the terms and conditions, you should obtain advice from a professional or specialist before agreeing to them. 

What are the alternatives to 1 year fixed term savings accounts?

A one year fixed term savings account won’t be right for everyone, for example, if you’re looking for higher returns, or need access to your money in case of unplanned expenses, you may want to consider some alternatives:

• 6 Month fixed rate savings
  If you’re worried about losing access to your money for a full year, but still want to take advantage of higher interest rates, you could try a shorter fixed term - like a six month fixed rate savings account.
  
  

• Longer fixed term savings accounts
  If you can afford to lock away your money for more than a year, you may benefit from a longer term savings account. With two or three year savings accounts, you may get a higher interest rate in return for putting your savings in a fixed rate account for a longer period.
  
  

• Easy access savings
  If you’re worried about losing any interest earned on your money in case you need instant access to your money, but you’re keen to earn interest on your cash, an easy access account might be a better option for you, although the interest earned will typically be lower. 

Is a 1 year fixed rate savings account right for me?

Whether or not a 1 year fixed rate savings account is right for you will depend on your personal circumstances, what kind of return you’re looking for and whether or not you want to lock away your money for a year. 

If you’re likely to need to use your savings in the next year, or want to deposit your savings gradually, then a one year fixed rate savings account may not be the best option for you. 

Can I access my money before the end of the term?

We understand that circumstances change and you may need access to your money earlier than anticipated. Withdrawing money from your 1 year fixed rate account before the end of the term may be possible in an emergency situation.

If this applies to you, please get in touch with the credit union your savings account is with to discuss your options. If you do withdraw your money before your term ends you will have to give back any interest earnt. 

Will my money be safe in a one-year fixed rate savings account?

Yes, any money deposited into a 1 year fixed rate savings account with one of our credit union partners is protected by the FSCS (Financial Services Compensation Scheme). 

The FSCS offer protection for current accounts and savings accounts up to a limit of £85,000 per person, per bank or credit union. This means in the unlikely event a bank or credit union goes out of business, the government will ensure your money is returned up to this amount.

Can I add more money during the 1 year fixed term?

When you open a one year fixed term savings account with one of our partner credit unions, you’ll tell us how much you wish to save. You’ll then have 7 days from when your account is approved to pay in the full amount. If the amount you want to deposit changes after you apply, you need to let us know so we can edit the details on your application. 

Once the credit union has received the full deposit, you won’t be able to add to your savings. If you want to, you’re welcome to open another one year fixed rate savings account or different type of savings account.