Fixed rate savings

You could earn higher interest returns with a fixed rate/fixed term savings account. Learn more and browse fixed savings account options with Lloyds Bank today. 

What is a fixed rate savings account?

These accounts offer you a fixed rate of interest over a set period - known as a term - spanning anything from 1 to 3 years.

Your interest returns could be higher with a fixed rate account, compared to an instant access account. The main reason for that is they're much less flexible. 

Although you may be able to withdraw money, charges usually apply - cutting the value of any interest you've earned. But if you can afford to lock your money in, a fixed savings account can be an effective way to put your money to work.

Compare fixed rate savings accounts

Whether you’re saving for a planned project, or just want the reassurance of a growing safety net, a fixed rate savings account could help.

Below you can compare fixed rate/fixed term savings accounts from Lloyds Bank, including fixed cash ISAs and bonds. 

Account

Interest rate

Minimum deposit

Open

Withdrawals

Account

Interest rate

4.15%

AER/tax free fixed.

Plus, an extra 0.20% AER/tax free if you already have a Lloyds Bank personal current account which has been open for at least 40 days.

Choose to receive interest monthly, or after each year.

Minimum deposit

£3,000

Open

For 1 year. Your account will then change to an Instant Cash ISA.

 

Withdrawals

Charges apply.

Account

Interest rate

4.00%

AER/tax free fixed. 

Plus, an extra 0.05% AER/tax free if you already have a Lloyds Bank personal current account which has been open for at least 40 days.

Choose to receive interest monthly, or after each year.

Minimum deposit

£3,000

Open

For 2 years. Your account will then change to an Instant Cash ISA.

Withdrawals

Charges apply.

Account

Interest rate

4.15%

AER/gross fixed for a 1-year term.

4.00%

AER/gross fixed for a 2-year term.

An extra 0.20% AER/gross for the one year term or 0.05% AER/gross for the two year term will be added if you already have a Lloyds Bank personal current account that has been opened for a minimum of 40 days.

Interest is paid after each year.

Minimum deposit

£2,000

Open

For 1 or 2 years. Your account will then change to a Standard Saver.

Withdrawals

By account closure only. Charges apply. 

Account

Lend a Hand Fixed Savings Accounts

Only available if you or the mortgage applicant has a Club Lloyds current account.

Interest rate

3.45%

AER/gross fixed.

Interest is paid after each year.

Minimum deposit

10% of the property purchase price.

Open

For 3 years. Your account will then change to a Standard Saver.

Withdrawals

No withdrawals or early closure while your money is being held as security against a Lend a Hand Mortgage.

Account

Standard Saver

If you have a Club Lloyds Saver, Club Lloyds Monthly Saver, Club Lloyds, Advantage Saver, Easy Saver, Monthly Saver, Fixed Bond, Online Fixed Bond, Lend a Hand Fixed Savings Account or Smart Start savings account with us, it will change into this account at the end of its term.

Interest rate

1.40%

AER/gross on balances from £1 - £24,999.

1.45%

AER/gross on balances from £25,000 - £99,999.

1.90%

AER/gross on balances of £100,000 or more.

The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account.

Minimum deposit

£1

Open

No end date.

Withdrawals

Instant

You cannot apply directly for this account. 

Standard Saver

Account

Instant Cash ISA

If you have an adult cash ISA with us, it will change into this account at the end of its term.

 

Interest rate

1.40%

AER/tax free on balances from £1 -£24,999.

1.45%

AER/tax free on balances from £25,000 - £99,999.

1.90%

 AER/tax free on balances of £100,000 or more.

The interest rate is variable. The rate applies to the full balance. Your interest frequency will stay the same as it was on your previous account.

Minimum deposit

£1

Open

No end date.

Withdrawals

Instant

You cannot apply directly for this account.

Instant Cash ISA

Tax treatment depends on individual circumstances and may change in the future. 

Interest on savings

Interest rates are subject to change. You can check current interest rates online at any time.

Useful savings terms

AER, or Annual Equivalent Rate

AER helps you to understand how much interest you would earn from your savings over the course of a year. The percentage figure is also useful when comparing savings accounts. 

This accounts for compound interest. That's interest earned on top of any interest you've already been paid, which forms part of your total savings balance.

More about AER

Gross

This is the percentage of interest you would earn from your savings before tax. We don’t make tax deductions from any interest paid. You’re responsible for declaring and paying any tax due to HM Revenue and Customs.

Tax free

Interest on child savings account and ISAs is usually exempt from tax.

Adults may be able to earn some interest from thier savings each year without paying tax, subject to your personal allowance on earnings, starting rate for savings or personal savings allowance. You also have an annual allowance for ISAs, helping you to save in a tax efficient way. 

Why choose a Lloyds Bank fixed savings account?

 

Options to suit you

Choose an account with a fixed rate, term and minimum deposit amount to suit your needs.

Keep track with ease

Whatever you're saving for, you can track your progress using Internet Banking or the Mobile Banking app.

Plan your savings

Using one of our savings calculators, figure out a monthly savings amount, and how long it will take to reach your goal.

Effortless saving

 

If you have a Lloyds Bank debit card, you can round purchases up to the nearest £1 and Save the Change®. Just be aware this excludes ISAs.

What's the difference between an ISA and a bond?

The main difference between an ISA and a bond is the way your money is saved. When you save into an ISA, your money is held in cash or stocks and shares, where it can earn tax-free interest.

But with a fixed bond, the money you put in gets loaned to a company or the government. You can then receive interest payments on your bond.

Learn more about ISAs

Plan your savings

    Work out how to achieve your savings goals with our savings calculators. 

View saving calculators

Need instant access?

If you need more flexibility, an instant access savings account might suit you.

 

Browse instant access accounts

Frequently asked questions

  • A fixed rate savings account can be a good idea if you have a lump sum of money to save that you can afford to keep locked away for a fixed term. This could give you access to a higher interest rate, which you may not be able to get with an instant access savings account or ISA.

  • Whether you can withdraw money from a fixed rate savings account, really depends on the terms which apply. Many accounts don’t allow you to withdraw funds before the date of maturity.

    Others may allow you to withdraw, but charges usually apply – cutting the value of any interest you’ve earned. In some cases, you may also be required to close your account.

    Check the terms and conditions before opening a savings account with a fixed rate and term.

  • It depends on what type of fixed rate savings account you have. Fixed rate cash ISAs with Lloyds Bank change to Instant Cash ISAs after the term ends. Fixed Bonds and the Lend a Hand Fixed Savings Account change to Standard Saver accounts at the end of their terms.

  • A fixed rate savings account could be an option if you have a lump sum of money. You can lock the money away and earn a higher rate of interest than with other types of savings accounts. And you won’t be tempted to chip away at the money by withdrawing whenever you like.

Financial Services Compensation Scheme

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

FSCS logo