The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services. If any of the banks we work with were to go out of business, you get automatic protection of up to £85,000 per person per banking group. Any money you have in a bank that goes beyond the limit won't be covered by the scheme.
Rates offered can change. We refresh the rates shown every hour.
You can find detailed information on all our partner banks and their FSCS cover here.
When we show the interest rate as an AER, it stands for Annual Equivalent Rate. This is what the interest rate would be if it was paid once a year. It helps you compare different accounts and see how much you can earn on your savings.
With a fixed rate savings account you'll agree to lock your money away for around 3 months or longer. In return the account will pay you a fixed amount of interest when the term comes to an end. It's not a good choice if you'll need your money quickly as you may not be able to access it, or there could be penalties, like losing your interest, for withdrawing your money early. You can check this in the terms and conditions of your savings account.
How many fixed rate savings accounts can I have?
There's no limit to the number of fixed rate savings accounts you can have. You should be aware of the Financial Services Compensation Scheme limit of £85,000 as anything above that won't be returned if there's a problem with the bank you're using. As the limit applies to banking groups and not savings accounts, you should make sure you aren't saving more than £85,000 with banks that offer different savings accounts.
What are the fixed rate savings account charges?
We won’t charge you for using the marketplace. Instead, we receive payments from the partner banks based on the amount of money deposited through Aviva Save. The savings accounts and interest rates offered directly by our partner banks may be different from the ones you see on Aviva Save.
Which fixed rate savings account is right for me?
Which account you choose will depend on the rate of interest you want balanced with how long you're happy to lock your money away for.
How long does it take to open a fixed rate savings account?
There are a few easy steps to opening a savings account with Aviva Save.
Firstly, you'll need to pick a savings account. From there, register for a MyAviva account if you don't already have one. It's the way you'll access your savings securely. To do this you have to be over 18 and a UK resident.
We'll also need a few details like your bank account and National Insurance number. Keep an eye on your email in case we need more information, and for confirmation that your registration is complete. You'll then be able to open any savings accounts you want with Aviva Save.
We'll give you details of the transaction account that you'll use to fund savings accounts you open with Aviva Save. You'll move money from your bank to your transaction account, then it will be added to any Aviva Save accounts automatically - this takes around 2 business days.
We'll send a security code by text or email to complete any transfers.
When will I receive any interest?
With a fixed rate account the interest you've earned will be paid to you at the end of the term. The upside to this is that you'll be able to work out exactly how much interest you'll get before opening the account.
Not sure which savings accounts are right for you? Learn more about the different types of savings accounts available on our Aviva Save marketplace.
How is my interest taxed?
If you're a UK basic rate taxpayer, you can usually earn up to £1,000 a year tax-free on your savings, known as a Personal Savings Allowance. If you're a higher rate taxpayer, the tax-free amount is up to £500. If you are an additional rate taxpayer, you don’t get a Personal Savings Allowance. If your interest goes above your Personal Savings Allowance, it will be added to your income and taxed at the rate that applies to you. Taxation depends on your personal circumstances and rules may change in the future. To get the latest information on tax on savings interest, you can visit HMRC.
Compound interest calculator
Crunch the numbers and see how compound interest can grow your savings.
We've teamed up with Raisin UK to offer you Aviva Save. Raisin UK is a subsidiary of Raisin GmbH which provides savings marketplaces to over 1,000,000 customers across 30+ countries.
You're unable to open an Aviva Save account if you have any of the following accounts: Raisin UK, Smart Savings from Willis Owen or Cash savings hub from AJ Bell.
Grow your savings
Keen to start saving? Our educational articles will help you learn more.
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