The most important thing to remember about this type of savings account is that you cannot access your money until the end of the agreed term, so you should only consider saving an amount that you know you won’t need until your term is up.

As everything is fixed, you’ll know exactly how much interest you’ll earn by the end of your term. Some people find it easier to save when they know their money is stored away and the temptation to spend is removed.

Fixed Term Savings tend to offer higher interest rates than other types of savings accounts because you’re committing your money to a term.

If this doesn't sounds quite right for you, we also have Smart ISA or Smart Saver accounts.