The two year fixed rate has increased to 4.1 percent while the three year fixed rate is going up to 4.2 percent. With the latest interest rates hike, savers may be wondering what other deals are out there for comparable fixed rate accounts.
Two year fixed rate bonds
Union Bank of India (UK) Ltd – Fixed Rate Deposit – 4.65 percent
Interest is calculated each day and paid annually to savers. Deposits have to be at least £1,000.
Savers can open an account in branch or by post, and the account can be held by an individual or jointly.
Savers will be notified two weeks before the fixed rate account matures. If the customer does not reply by the time the account matures, the funds will be reinvested into another fixed rate saver or a different savings account.
Union Bank of India is also offering 4.65 percent with a two year bond with its Union Premier Bond, which requires a deposit of £5,000 to set up.
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Shawbrook Bank – 2 Year Fixed Rate Bond Issue 82 – 4.6 percent
Interest is calculated each day and paid on the anniversary of when the account was opened. The balance needs to be at least £1,000 for the interest rate to apply.
Customers can apply for an account online and once it is open, it can be managed through secure message or by calling 0345 266 6611.
Account holders must be aged 18 or over and permanent residents of the UK. Customers will need to provide a nominated account to link to the account.
The funds can be withdrawn or transferred into another Shawbrook account when the account matures.
Three year fixed rate bonds
Melton Building Society – Fixed Rate Savings to 23 April 2025 – 4.75 percent
The account can be opened in branch and savers will need to deposit £10,000 to open the account.
Interest is paid annually with no withdrawals permitted before the fixed rate period has matured.
Savers should note the account is limited and once it has been withdrawn from sale, the building society will no longer accept deposits.
The account is open to new and existing customers, with transfers from existing accounts with the society permitted.
The next best rate is 4.65 percent, which is on offer from several different providers:
- Beehive Money – Three Year Goal Bond Issue 3
- Close Brothers Savings – Fixed Rate Bond
- Gatehouse Bank – 3 Year Fixed Term Woodland Saver
- Nottingham Building Society – Fixed Rate Issue 269
- Union Bank of India (UK) Ltd – Fixed Rate Deposit
- Union Bank of India (UK) Ltd – Union Premier Bond.
Other top rates that savers may want to consider include:
- Cynergy Bank – Fixed Rate Bond – 4.6 percent
- Nottinghamshire Building Society – Fixed Rate Issue 268 – 4.6 percent
- Secure Trust Bank – 3 Year Fixed Rate Bond (29.Dec.25) – 4.6 percent
- Zopa – 3 Year Fixed Term Savings – 4.56 percent.