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Fixed-Term Savings Accounts

Fixed-term savings accounts, or bonds, are savings accounts where you commit to leaving your money untouched for a set period of time, usually between one and five years. In return, you will normally receive a very competitive interest rate which will be fixed for the entire agreed term. Read more>

	Icesave Fixed Rate A high fixed interest rate of 7.06%	7.06%	6,12,24 or 36 mths
	Cahoot Fixed Rate 7.01% AER interest rate 12 month bond -Limited Offer	7.01%	16th July 2009
	Citibank Reward Saver Ideal for long term savers - 6.15% AER for 9 months	6.15%	1 Yr Term
	Scottish Friendly Assurance Bond 10 year tax free savings bond	0.00%	10 years

Generally speaking, the longer you agree to leave your money untouched, the higher the interest rate you will receive.

Once you have opened your fixed-term savings account, you will not normally be allowed to add to the initial deposit. Therefore, it is worth considering your uppermost savings limit for an account of this type before you open it.

Additionally, once your money is in the account, you will usually have very limited access to it. Most providers will penalise you if you access your money before the term is up. The penalty is usually either a lower interest rate or, in some cases, no interest at all for the month in which the withdrawal was made.

These accounts are great if you have some money which you know you do not need in the near future and to boost some of your long-term savings cash fund. However, they are probably not best for those who are unsure whether they will need their savings soon and at short notice.