Nine-month fixed-rate savings accounts

If you’re looking to grow your money for a set period, a nine-month fixed-rate account could be a good option.

Once you’ve opened an account, you will receive a fixed level of interest for the duration of the term. This means you know exactly how much you’ll earn, making it easier to plan your finances.

It's safe and easy to open a nine-month fixed-rate account on the Saga Savings Platform, powered by Flagstone. You just need to deposit your funds, then return nine months later to find your savings have grown as expected.

What is a nine-month fixed-rate savings account?

With a nine-month fixed-rate savings account, you deposit your money and don't touch it for nine months. You earn interest for the duration of the term and can then access the money when the account reaches maturity.

Throughout the nine-month term, the interest rate remains constant and is not influenced by market changes. This can make saving with a fixed-term account simpler, because you know exactly what you’ll earn in advance.

Fixed-term savings accounts can also offer access to competitive rates. Since withdrawals are only allowed when the account matures, these accounts often provide higher interest rates compared to instant access options.

How much can you earn in nine months?

There are two factors that will affect how much you can earn with a nine-month fixed-rate savings account:

1. The rate of interest when you open the account.
2. The amount of money that you deposit.

Below you can see how much you could earn in nine months. Our example applies to a 4.80% annual percentage interest rate and a deposit of £10,000.

No hidden fees: When you open an account on the Saga Savings Platform, the rate you see is the rate you’ll get. And you won’t be charged any hidden fees.

How do you open a nine-month fixed-rate account?

One way to open a nine-month fixed-rate savings account is to sign up to the Saga Savings Platform. It gives you access to lots of fixed-term savings accounts from a range of FSCS protected banks.

You can find fixed terms ranging from one month to seven years, including a selection of nine-month fixed-rate savings accounts. To be eligible for the platform, you must be at least 18 years old, a UK resident, and have a valid UK bank account.

1. Visit the Saga Savings Platform and select 'Apply now'.
2. Completing your application won’t affect your credit score.
3. Choose a single or joint account, then deposit at least £10,000 to the platform.
4. Browse the nine-month fixed savings accounts and find one you’d like to open.
5. Transfer the minimum eligible deposit and earn interest for the next nine months.

What happens at the end of the nine-month fixed term?

After nine months have passed and the account matures, you can choose to:

• Withdraw all your money, including the interest you’ve earned.
• Withdraw just the interest you’ve earned.
• Put your money in another account on the Saga Savings Platform and continue earning interest.

Be confident that your money is safe

The Financial Services Compensation Scheme (FSCS) helps you if a bank can't return your  money. It protects up to £85,000 (or £170,000 for joint accounts) of deposits held with any UK banks listed on the Saga Savings Platform. 

This limit applies to the total amount you have with a bank. If you have more than that amount with one bank, it’s not likely to be covered. Banks from the same banking group (that share a banking licence) are treated as one bank. If a bank cannot return your funds, the FSCS will take care of arrangements to return monies to you. To find out visit the FSCS website.