Fixed Rate Savings Accounts in the UK 2026: Compare Available Options Today

Fixed rate savings accounts are designed to give you certainty: you agree to lock your money away for a set period, and in return the bank guarantees a fixed interest rate for that term. For savers in the UK planning ahead for 2026, these accounts can play a useful role in balancing security, predictability and potential returns, especially at a time when inflation and base rates can move in either direction.

What fixed interest rates do UK fixed rate savings accounts offer?

The interest rate on a UK fixed rate savings account is expressed as an annual equivalent rate (AER), which helps you compare deals on a like‑for‑like basis. In recent years, typical 1‑year fixed rates from mainstream providers have often been higher than easy‑access rates, with challenger banks sometimes offering an additional premium. The exact rate you receive will depend on the term length, the provider, and wider market conditions such as the Bank of England base rate.

Longer terms, such as 2‑ or 3‑year fixes, usually offer a slightly higher AER than 1‑year fixes, reflecting the fact that you are committing your money for longer. However, when markets expect interest rates to fall, shorter fixes can sometimes look comparatively attractive. Because fixed accounts normally charge a penalty or refuse withdrawals before maturity, it is important to choose a rate and term you are comfortable holding for the full period.

How does FSCS protection secure fixed rate savings in the UK?

Most UK fixed rate savings accounts from banks, building societies and credit unions are protected by the Financial Services Compensation Scheme (FSCS). This scheme protects eligible deposits up to £85,000 per person, per authorised bank or building society. For joint accounts, the protection limit is £170,000 per eligible couple at each authorised institution, which is important for households holding larger balances.

The FSCS limit applies to the combined total of all your eligible accounts with the same authorised group, not just your fixed rate savings. That means if you have current, easy‑access and fixed accounts with a single banking group, you should add the balances together when checking the £85,000 limit. In some specific situations, such as temporary high balances (for example from a recent house sale), higher short‑term protection may be available, but this is time‑limited and subject to conditions. Checking that your provider is FSCS‑authorised using the Financial Conduct Authority register is a useful step for security.

What fixed‑term options are available for UK savers in 2026?

By 2026, UK savers are likely to continue seeing a range of term options for fixed rate savings accounts. Common maturities include 6‑month, 1‑year, 18‑month, 2‑year, 3‑year and 5‑year fixes, with some providers also offering less usual terms such as 9 or 30 months. Shorter terms generally offer more flexibility, while longer terms offer more certainty over the rate you will receive for a number of years.

When thinking about 2026, some savers may prefer to stagger their money across several fixed terms, a simple form of “laddering”. For example, instead of placing the full amount into a single 3‑year fix, a saver might divide the money between 1‑, 2‑ and 3‑year fixed accounts. This can reduce the risk of locking in all your savings just before market rates rise, while still providing the predictability of fixed interest on at least part of the balance in each year.

How do fixed rate savings accounts compare to easy‑access accounts?

Fixed rate savings accounts and easy‑access accounts both keep your capital relatively low‑risk when held with an FSCS‑protected provider, but they behave differently. Fixed accounts typically pay a higher rate of interest in exchange for limiting or preventing withdrawals until the term ends. Easy‑access accounts allow you to pay in and withdraw on demand, but their rates usually change more frequently and are often lower than the best fixed rates available.

Another difference is predictability. With a fixed account, you can calculate in advance how much interest you expect to earn over the term, assuming you do not break the conditions. With easy‑access accounts, the rate can be reduced or a bonus can expire, so the return over a year or more may be less certain. On the other hand, easy access can be more suitable if you need an emergency fund or anticipate significant spending, because withdrawing from a fixed account early may involve penalties or, in some cases, may not be allowed at all.

How do major UK banks’ fixed rate savings deals compare today?

Looking at current patterns can provide a useful guide for what UK savers might expect when comparing fixed rate savings accounts in 2026, even though exact figures will change over time. As an illustration, imagine a saver with £10,000 to place in a 1‑year fixed account. If high‑street banks offer around 4.0% to 4.5% AER, the interest over the year would be roughly £400 to £450 before tax. Challenger banks, which sometimes offer slightly higher rates to attract deposits, might provide around 4.8% to 5.2% AER, giving roughly £480 to £520 on the same balance.

Prices, rates, or cost estimates mentioned in this article are based on the latest available information but may change over time. Independent research is advised before making financial decisions.

These examples highlight how rates can vary between major high‑street banks and building societies. In practice, actual offers for 2026 will depend on market conditions, individual provider strategies and the Bank of England base rate at the time. When comparing deals, it can help to look at the AER, the minimum deposit, whether interest is paid monthly or annually, and any specific conditions on access or account management, such as online‑only operation.

A balanced approach for UK savers is often to consider what proportion of their cash can be locked away without being needed for day‑to‑day spending or emergencies, and to match that portion with suitable fixed terms. The remainder can sit in easy‑access or notice accounts for flexibility. By understanding how fixed rate savings accounts work, the role of FSCS protection, typical term options and how deals from different providers compare, savers can enter 2026 with a clearer framework for deciding where to place their money in line with their own priorities and risk tolerance.