Fixed Term Savings Account

If you are looking for a competitive rate of interest and are willing to lock your money away for a set period of time, a fixed term savings account may be right for you. The amount of notice that you need to give depends on the provider that you choose, but it could be anything from 7 days to 90 days before you are able to get access to any of your savings. If you need to withdraw anything before the end of your notice period you are usually liable for a fee, so make sure that you can comfortably do without the amount you are putting away.

Instant access accounts are offering increasingly competitive interest rates, and so if you feel that it might be limiting having to give notice to access your money, a fixed term savings account might not be the best choice. However, if you have a lump sum that you wish to save and have no problem with locking it away for a set amount of time, you are still likely to be rewarded for committing your funds to the bank with one of the best rates in the market. As a rule of thumb, the longer you are able to lock away your money, the higher the return will be for your savings.

Get a great rate on a Fixed Term Savings Account today!

Tips for getting the most from your Savings Account

• Pay off your existing debts first.  There is no point getting a good deal on your savings account interest rate if you are being charged each month for a credit card or overdraft.  Get your debts cleared, and then you know that any interest you earn is yours to keep.
• If you are paying a set amount into a savings account from your wages each month, make sure that you set the payment to leave your current account as soon as you have been paid. This way you will find it easier to manage your finances for the rest of the month, as you will know exactly how much you have left to spend.
• Find out how long you need to 'lock away' your money for, and if there is a minimum monthly deposit to qualify for the best rates.  If the conditions are too restrictive, this counteracts the benefits of a good interest rate on your savings.