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Looking for the best fixed term deposits? Look no further!

If you want to lock your money away to allow your savings to build up, one of the best ways to do this is to place the cash in a fixed term deposit.

A fixed account offers a guaranteed rate of interest when you open it, which stays the same for the length of the term. Term length can range from six months up to five years.

Normally, you are not allowed to withdraw any money from a fixed term account once you have put it in, although this rule can vary – so be aware of this when choosing your term length.

For long term savers, here are some of the best fixed term deposits on the market.

  • Whiteaway Laidlaw Bank – The Five Year Fixed Term Deposit Issue 1 pays 4.75 per cent gross/ AER and 3.80 per cent net. Savers can put in any amount of money from £5,000 to £1 million by post, branch or funds transfer.
  • Lloyds TSB – The bank’s Four Year Term Deposit offers 3.95 per cent gross interest and interest can be paid monthly or annually. Savers can deposit £2,000 upwards to open the account, but they must have a Lloyds TSB current account to qualify.
  • Leeds Building Society – The Five Year Fixed Rate Bond Issue 85 pays annual interest at a whopping five per cent gross, undoubtedly making it one of the best fixed term deposits around. The minimum amount required to open the bond is £100, up to a limit of £1,000. Another plus point is that savers can withdraw up to 25 per cent of their money before the bond matures.

 

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