Looking for a savings account that offers stability and guaranteed growth? Our 12 month fixed-rate savings accounts could be the perfect place to save.
Our 12 month savings bonds offer a secure haven for your savings with competitive interest rates that don’t change. They let your funds grow at a guaranteed rate of interest over the 12 months, helping you reach your saving goals.
Opening a 1 year fixed-rate savings account means knowing exactly how much interest you’ll earn – there’s no guesswork involved. So you can set it up, sit back, and watch your savings blossom.
1 year fixed-rate savings accounts are a type of savings account where you deposit money upfront over an agreed period – in this case, one year.
The interest rate stays the same (it’s fixed) for 1 year, offering stability for savers. 1 year fixed-rate savings bonds are ideal if you want to invest a lump sum, letting you know how much interest you’ll rack up from the start.
Once you’ve committed to a 1 year fixed-rate bond, you can’t withdraw money until the 1 year is up. So be sure to plan, and don’t deposit any savings you might need within the year.
At the end of the 1 year (the account’s maturity), the interest rate you agreed on is added to your balance. You then have the option to withdraw your money (including the interest) or choose a new fixed-term bond and move your money there. It’s your call.
When you apply for a 12 month fixed-rate savings account through the Saga Savings Platform, the interest is calculated daily and applied to your balance at the end of the period. There are no charges or administration fees so the rate you see is the rate you get.
Interest rates for fixed-rate bonds may be higher than instant access accounts.
So, how much can you earn on a 1 year fixed-rate bond? It all depends on the amount you deposit and the account’s interest rate.
Our 12 month fixed-rate savings bonds are free from administration and management fees, so the rate you sign up for is the rate you get.
4.08 | 4.08% AER/Gross* (fixed)
*AER means Annual Equivalent Rate. This shows what the interest rate would be over the course of a year. Gross is the interest rate before tax is taken off.
The rate shown is subject to change at short notice. The rate you will receive is shown on the platform before you deposit. Once you open an account, the rate won’t change for the entire period of the fixed term.
The range of banks, accounts and rates you can access may differ for single and joint accounts. The range of rates may also differ due to factors such as what country you live in.
You can apply for a 12 month fixed-rate savings account with Saga online. Applying is simple; follow these steps to start saving:
You then have the option to withdraw your money (including the interest) or choose a new fixed-term bond and move your money there. This could be a 3 month savings account, 6 month savings account or 9 month savings account. It’s your call.
We need to know a few things about you when you apply for a Saga Savings Platform account: your employment status, address history, and tax status (including your National Insurance number). We also need proof of ID, and the nominated UK bank account you plan to deposit from.
Here’s a checklist of the information you need to apply for a Saga Savings Platform account:
The Financial Services Compensation Scheme (FSCS) is the UK’s deposit protection scheme, protecting deposits up to £85,000, or £170,000 for joint accounts.
All UK banks available on the Saga Savings Platform offer FSCS protection.
You don’t need to do anything, as the FSCS will compensate you automatically and is paid within 7 working days if a bank fails. You can learn more on the FSCS website.
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