Fixed rate savings accounts

With a fixed term 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.

There's no limit to the number of fixed term 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.

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 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. 

It only takes a few minutes to register for Aviva Save. You just need to be over 18 and a UK resident. We’ll also need some details like your bank account and National Insurance number. Keep an eye on your inbox just in case we need more information, and for confirmation that your registration is complete. Once that's done, you can move money from your bank to your holding account. You then choose the savings account and deposit that suits you best, and apply. We'll send you a security code, via text, to complete the process. Your money will then transfer straight to your savings account.

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.

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.