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1. • • Interest on savings accounts is the amount of money the bank or building society pays the depositor for keeping their money in the account. You'll be paid either a fixed or variable rate of interest. Fixed interest means you'll be paid at a set rate which won’t change during the term of the account.
     www.moneysupermarket.com/savings/understanding-interest-guide/

     How changing interest rates affect your savings ...

2. People also ask

   Do banks pay interest into a fixed account?

   • But a few banks pay interest into separate accounts, meaning you don't earn interest on the interest, and so the actual rate of interest you get is slightly lower than the AER. You might then be thinking that getting your interest paid into your fixed account is a no brainer, but it could mean you end up paying more in tax.

   Best savings accounts: 5% easy access or 4.87% fixed rates

   www.moneysavingexpert.com/savings/savings-accounts-best-interest/

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   Should banks pay 5% interest on a savings account?

   • In other words, banks don't want to be stuck paying savers nearly 5% interest over the next few years if it looks like the base rate is going to drop to less than that well before the account matures. Interest offered by instant access accounts is also high, the best rate pays 3.71% AER.

   The pros and cons of fixed-term savings accounts - Which?

   www.which.co.uk/news/article/the-pros-and-cons-of-fixed-term-savings-accounts-aKDzv2m3g2Jf

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   How do savings accounts pay interest?

   • Savings accounts pay interest in different ways. Most pay interest into the fixed account itself, meaning you get interest on that interest as time goes on. But a few banks pay interest into separate accounts, meaning you don't earn interest on the interest, and so the actual rate of interest you get is slightly lower than the AER.

   Best savings accounts: 5% easy access or 4.87% fixed rates

   www.moneysavingexpert.com/savings/savings-accounts-best-interest/

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   What is a fixed interest rate & how does it work?

   • You’ve a guaranteed interest rate. With fixed savings accounts, your interest rate is ‘fixed.’ This means it cannot change for the duration of the fixed term. This isn’t the case with easy-access, where a savings provider has the power to reduce your rate on a whim. 3. You can’t spend cash that’s locked away.

   What are the pros and cons of opening a fixed savings account?

   www.nimblefins.co.uk/savings/pros-cons-fixed-savings-account

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   What happens if you deposit money into a fixed account?

   • This means if you deposit funds into a fixed account, you won’t be able to access your money for the duration of the fixed term. These terms typically range from 1 to 5 years. With fixed savings accounts, the interest rate you earn is guaranteed. In other words, your savings provider cannot change it for the duration of the fixed term.

   What are the pros and cons of opening a fixed savings account?

   www.nimblefins.co.uk/savings/pros-cons-fixed-savings-account

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   Should you invest in a fixed rate savings account?

   • 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.

   Fixed rate savings accounts - Lloyds Bank

   www.lloydsbank.com/savings/fixed-rate.html

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3. www.moneysavingexpert.com › savings › savingsBest savings accounts: 5% easy access or 4.86% fixed rates

   www.moneysavingexpert.com › savings › savings

   • Cached

   Most pay interest into the fixed account itself, meaning you get interest on that interest as time goes on. But a few banks pay interest into separate accounts, meaning you don't earn interest on the interest, and so the actual rate of interest you get is slightly lower than the AER.

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4. www.which.co.uk › news › articleThe pros and cons of fixed-term savings accounts - Which?

   www.which.co.uk › news › article

   In other words, banks don't want to be stuck paying savers nearly 5% interest over the next few years if it looks like the base rate is going to drop to less than that well before the account matures. Interest offered by instant access accounts is also high, the best rate pays 3.71% AER.

5. www.which.co.uk › news › articleTrapped in a fixed-term account? Here's what you can do to ...

   www.which.co.uk › news › article

   Nov 14, 2022 · Yes, you are missing out on potential interest - but you'll also have to forfeit interest if you try to leave the account early (if you're allowed to at all, that is). Providers that do allow earlier access charge interest penalties typically between 90 and 365 days.

6. www.money.co.uk › savings-accounts › interest-ratesUnderstanding Interest Rates for Savings | money.co.uk

   www.money.co.uk › savings-accounts › interest-rates

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   Apr 3, 2024 · For example, if you invest £1,000 in a savings account paying a fixed rate of 2%, you will earn £20 in interest a year (or a bit more, thanks to the effects of compound interest). But if you invest the same amount in an account paying 7% fixed, your annual return will be around £70.

7. www.nimblefins.co.uk › savings › pros-cons-fixedWhat are the pros and cons of opening a fixed savings account?

   www.nimblefins.co.uk › savings › pros-cons-fixed

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   Jul 9, 2024 · Some fixed savings accounts will pay interest monthly, while others will pay interest at the end of a fixed term. It’s also worth being aware that some fixed savings accounts may require a high minimum deposit, while others may allow savers to open an account with as little as £1.

   • Author: Karl Talbot

8. www.lloydsbank.com › savings › fixed-rateFixed rate savings accounts - Lloyds Bank

   www.lloydsbank.com › savings › fixed-rate

   • Cached

   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.

9. www.which.co.uk › money › bankingBest high-interest bank accounts 2024 - Which?

   www.which.co.uk › money › banking

   Oct 1, 2024 · In June 2022, Nationwide increased the introductory interest rate offered to FlexDirect customers from 2% AER up to 5% on balances of up to £1,500, fixed for the first 12 months. Thereafter, the rate reverts to 1% AER on balances up to £1,500. You don't earn any interest on balances over £1,500.