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Our favourite fixed term deposits for savers

If you’re a disciplined saver and want to put your money out of reach in a savings account, fixed term deposits could be just what you are looking for!

A ‘fixed term deposit’ means that the account will pay a guaranteed rate of interest for the length of the fixed period and won’t be influenced by falls – or rises – in bank rates.

Savers are not normally allowed to withdraw the money they put into the account, but they are rewarded with a higher rate of interest than many easy access accounts. Terms tend to range from six months, for short term savings goals, up to five years for those who don’t need to access their funds before then.

Here are three of the best rates for fixed term deposits we came across.

Aldermore – The one year fixed term account, available by post, internet or telephone, pays 3.42 per cent on maturity. Savers need to deposit £1,000 upwards to open the account, with an upper limit of £1 million.

United National Bank – This one year fixed deposit pays savers a rate of 3.51 per cent. The minimum deposit required to open the account is £2,500 and the maximum is £1 million, and the account is available in branch or by post.

Vanquis Bank – The Vanquis Bank High Yield is a one year fixed term bond which pays 3.45 per cent interest. The minimum initial deposit is £1,000 while the maximum permitted balance is £250,000. This account can only be operated via the internet.

 

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